Real Estate Blog











The Des Moines Area Association of REALTORS® reports that March numbers once again show a trend towards a strong seller’s market, with increased sales and decreased inventory. Pending sales of 1,176 homes is double digit growth over both February 2013 as well as March 2012, according to trends and statistics published by the Des Moines Area Association of REALTORS® for March 2013. Closed transactions for March were actually up nearly 45% over February.

The IAR’s March Report shows the median price across Iowa increased by 5.9 percent, growing from $118,000 in March 2012 to $125,000 in March 2013. Likewise, the average sale price increased 4.4 percent from the average sale price of $138,265 last March and $144,372 this March.

The Des Moines Association’s

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ThFrom Des Moines Area Association of Realtorse Des Moines Area Association of REALTORS® reported 557 closed sales for January, which was the highest number of January sales since 2008. There were 3,806 active listings, down from the same period last year by over 500 listings. To round out the Des Moines market showed a median sales price up $16,000 from a year ago.

Iowa home sales have increased in 18 of the last 19 months according to the Iowa Association of Realtors®. January was no different with sales up more than 14 percent from last year same time.

IAR’s January 2013 Housing Trends Report showed that home sales jumped 14.7 percent as 1,898 homes sold/closed in January, compared to the 1,655 homes that sold/closed in January 2012.

The median sale price rose 7.3 percent from January last

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Why potential buyers may not want to wait till full market recovery to buy that new to them home.

Prices Are on the Rise

Home prices are starting to increase. The Des Moines Association of REALTORS® reported that home prices were 11.3 percent higher this December then in 2011.

The Home Price Expectation Survey, which polls over 100 economists, investment strategists, and housing market analysts, predicts continued appreciation over the next five years.

Rents Are Rising

Recently, Zillow  reported that rents in the U.S. increased by 4.2% over the last year. Increases were 5% or more in many major metropolitan areas including Chicago, Detroit, Baltimore and Denver.

New Mortgage Regulations To Be Announced This Year

Six regulators, including the

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Homeowners shouldn’t wait till Spring or “Buying Season” to list.

Supply Is Low

The monthly supply of houses is near its lowest point since May of 2005. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

Demand Is High

Homes are currently selling at a rate not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors showed that annual sales in 2012 increased 9.2% over 2011.

Timelines Will Be Shorter

During the warmer months and more sales the process is slowed by inspections, last minute appraisals and banks needing just one more thing before issuing a commitment on the mortgage. There are fewer transactions this

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More New Construction

New-home sales are up 15.3% over the past year, hitting an annual rate of 377,000 in November, according to Census Bureau data. Buyers will welcome new homes with the supply of turn-key homes low.

Price increases are new homes faster than existing, with $246,200 as the median price of a new home in the U.S. for November. This is a 15% increase from the previous year. As supply of new homes increases the prices may go down.

Homes Are Slightly More Expensive

The economy appears to be improving slowly with low interest rates demand has increased slightly. A decreasing supply has raised prices a bit.  According to the National Association of Realtors, November was the ninth consecutive month of home-price increases.

Clear

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Image from Iowa Association of Realtors According to the IAR’s December 2012 Housing Trends Report the median sale price was $125,000 in December 2012 up from $116,000 in December 2011. The average sale price in December 2012 was $149,946, while the average sale price in December 2011 was just $134,332. Of the 44 local Realtor® boards in the state 33 reported increases in the median sale price in December, and 30 had increases in average sale price.

Although inventory is low the number of sales also went up slightly from last year at this time. This increase is represented by 21 more homes selling last month than in December 2011.

The inventory of homes statewide at the end of December was 17,630.  Homes are now on the market an average of 97 days, down 9 days from December 2011. A six

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RandomAfter a number of reports and articles here are some common predictions for the 2013 housing market.

Buyers are no longer in it for the long haul. Today 43% of buyers are not sure how long they will stay in their soon to be new homes, although the typical buyer guesses around 15 years. This means that buyers need something that fits them now, but can be altered for the future. Options may include extra flex space that can be changed to another bedroom or office. A finished or easy to finish basement may be appealing.

More soon to be buyers will do initial housing searches online. According to a number of studies between 82% to 90% of potential buyers look online first. This is why photos and descriptions of the property continue to be so important.  

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Home prices are on the rise mostly driven by investors snatching up deals in their local market.

According to real estate analysts with the DBRS report released last week home acquisitions by investors are likely to keep pushing home prices higher. Discounts are continuing to become scarcer as confidence in the real estate market is beginning to rise.

There is a clear increase in housing demand from 2011 to 2012. The National Association of Realtors said at the end of last month that October’s pending home sales index was up 13.2% from one year ago and marked the 18th straight year-over-year gain. Des Moines has also seen a steady increase in sales of roughly 14% over 2011.

This is happening while completed foreclosures are down 17% for October

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According to the Des Moines Area Association of REALTORS the Des Moines housing market is likely to end the year with the number of accepted offers up 17% over 2011. More homes are being sold and at a slightly higher price, while inventory is decreasing. This creates a more even buyer/seller market for the Des Moines metro. The average number of days on the market for the month of November was 98 days, down 7.5% from November 2011 when it was 106 days. (More on Iowa sales and prices) 

Another interesting statistic shows 55% of metro buyers used conventional financing in October while 17% used a FHS loan. The remaining 27% was split into 21% cash purchases and 6% using other financing. (More)

    Sales from November 2011 to Novembers 2012 – Up 9%
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