How about residential sales? It looks like we are in the middle of a runaway Seller’s Market, at least according to this new article from KCCI. From the article:
Realtors said the Des Moines area has turned into a sellers’ market in which homes are sold in days, sometimes hours, after the sale sign goes up in the front yard.
The problem is supply and demand. Right now the metro is limited to a one-month supply of houses for sale between $100,000 and $250,000.
Talk to buyers or sellers and you may hear stories about houses selling the same day they are listed, or receiving 5-10 offers within the first few days of listing – sometimes higher than the list price. By all accounts, we seem to be squarely in the middle of a Seller’s market, at least for residential real estate.
How long will it last? Will it get even more competitive? Tell us your thoughts.
Read the full article from KCCI here.