Des Moines Area Market Share December 2023
Visual market share information.
The spring market sounds promising for sellers. More buyers are predicted to enter the market in the spring due to subtle rate drops starting December of last year.
If you have been thinking about selling, this may be your sign to do so this year.
Experts predict that rates will continue to drop. Are you married to your sweet rate but not your home? Lower rates may give you the opportunity to sell your home for a good price AND allow you to move to a home you love.
What does this mean for sellers?
We saw an increase in average sales price compared to December 2022 — Your home is still a great investment!
A decrease in homes sold compared to November 2023. The market slowed down during the holiday season.
Experts predict as rates lower, more sellers will enter the real estate market.
5-6 months inventory is ideally a balanced market. The current inventory in Des Moines, IA indicates it is still a seller’s market.
What does this mean for buyers?
If buyers are serious about purchasing a home, they’ll want a pre-approval before searching for homes.
Now is the time to buy. If interest rates drop like predicted, competition will be high again.
Current market conditions have greatly increased communication for buyer and seller negotiations.
What are some National market statistics for January?
NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.
Annual median home prices are expected to remain largely unchanged at the national level in 2024, for the second straight year, modestly improving affordability from rising income.
Source: https://www.nar.realtor/newsroom/nar-forecasts-4-71-million-existing-home-sales-improved-outlook-for-home-buyers-in-2024
