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Home Sales Strong in Des Moines

First-time Home Buyer Demand Remains Strong in Des Moines

 Current Des Moines-area market* statistics:

                     Contracts    Contract       Avg Sale         Avg Days          Active
                       Written        Closed            Price         on Market        Listings   

   August 2009   988          775               $164,836             93            5,692
    July 2009       916          890               $165,295            105           5,795
   August 2008   760          802               $179,191             97            6,191

*Primary area served by DMAAR includes Dallas, Polk, and Warren CountiesDmaar4045-sale-pric#161F50B

First-time home buyers continue to fuel the greater Des Moines area home market, according to statistics published today by the Des Moines Area Association of REALTORS®.

We had more contracts (988) written in August than in any month since 2006, says Kurt Schade, president of the Des Moines Area Association of REALTORS®. Last month, homes were on the market for an average of 93 days, which is the lowest number so far this year.

Sellers are getting the message that condition and price are key components to a quicker sale, he adds.

The average home price is down slightly, indicating that more first-time home buyers continue to take advantage of near-record low mortgage interest rates and the $8,000 first-time homebuyer tax credit available until Dec. 1, 2009.

The number of pending sales suggests the market will stay active for at least another month before slowing down during the winter. It's still a good time to sell a home, particularly a home that's in good condition and priced for first-time home buyers, says Schade. Mortgage companies are serving more and more first-time home buyers, and will probably be very busy through the December deadline.

The report shows 775 homes were purchased in August, at an average price of $164,836 after being on the market an average of 93 days.
 
For More information, Visit: www.BuyNowDSM.com

About the Des Moines Area Association of REALTORS®:
Founded in 1911, the Des Moines Area Association of REALTORS® is the voice for real estate in the Des Moines area, elevating the professional services of our members as they meet the needs of their customers and our community.

Note: The above statistics are current through September 9, 2009 and change as additional information is entered into the MLS database.