COVID has had a very strange effect on the Des Moines area real estate market. Basically there are two different things happening depending on if you are a buyer or a seller.
Sellers have been waiting. Active houses for sale have fallen almost 25% since the beginning of lock-downs. We were over 4,200 houses for sale. Currently there are 3,216 houses for sale as of this writing. That is a huge drop!
However, buyers have been taking advantage of historically low interest rates. 1,362 houses went under contract in April. In fact 369 more houses have sold than in 2019, and median sale price went from $205,000 in 2019 to $215,000 in 2020.
What this means if you are a seller is your competition has left the market by 25%. You have a quarter less competitors to compete against. If you have been thinking about selling, these numbers are incredibly low.
What this means if you are a buyer is money is cheaper than it has ever been and I would highly recommend making hay while the sun shines with these low interest rates. If you have been thinking about buying, you will probably never see cheaper interest rates than this.
I happen to know a great realtor that can help you do both!
I love doing what I do. I love looking at the market, and I love building relationships with the people I get to help. Let me know how I can help you. Call me today. You can reach me at 515.639.0047 or RyanLynch@KW.com. I am good at what I do, and I want to help you.
~Ryan Lynch
