Des Moines Real Estate Market Update: November 2007

Des Moines, Iowa Real Estate Market Update: November 2007
by Brian Wentz, Realtor

Well, the sales numbers are finally in for November 2007. This is the first month the Des Moines Area Association of Realtors (DMAAR) is reporting stats from a new Multiple Listing Service database, which went live on October 16th, 2007.

The data shows that November home sales were down about 9.5% compared with data from one year ago. This November, DMAAR members closed 723 sales versus 799 sales during November 2006. The average sales price during November 2007 was $166,853, which held steady over a year ago and was up just slightly from last month. The sales volume for November was $120.6 million compared with $133.6 million during November 2006.

Properties are taking a little longer to sell, as compared to last year.  During November, properties were on the market an average of 89 days before receiving an offer; 10 days longer than last year.

Despite a "Gloom and Doom" mantra from the national media, the National Association of Realtors is expecting 2007 to be the fifth strongest year on record, expecting existing home sales totals of around of 5.67 million this year. Nar is predicting that number to rise in 2008 to 5.7 million. In contrast 2006, existing home sales totaled 6.4 million.

So signs of strength are on the horizon! With interest rates sitting around 5.75% going into the new year, and the mortgage markets beginning to settle down, 2008 is positioned to be a great year for the Des Moines market!