Apr 23, 2021 - News

It takes DSM-area homes 2.5 times as long to sell vs other metros

Illustration of a "for sale" sign with a digital clock counting down from 5 seconds, then showing the blinking word "sold."

Illustration: Brendan Lynch/Axios

DSM-area homes sit on the market longer than all other metros, almost 2.5 times the national average, according to a RE/MAX national report from March MLS data.

  • Yes, but: Multiple local real estate agents say the picture is far more complex.

Why it matters: The national report could reflect that our market is weaker in comparison to other metros, because homes that sit longer tend to sell for less.

Details: Homes stay on the market for an average of 94 days in DSM, according to the report, compared to an overall average of 38 days.

What they’re saying: Local RE/MAX broker Ted Weaver told Axios he doesn’t believe the national report is a fair reflection of the DSM market.

  • According to DMAAR, the average Days on the Market (DOM) in March was actually 47.
  • And even the DMAAR count is misleading because it includes new construction, which can be listed before a foundation is even poured, Weaver said.

So what gives? The national report uses a slightly different methodology, counting Cumulative Days on the Market (CDOM).

  • That means that if a property is pulled on and off the market multiple times before selling or being finally withdrawn, the full time on the market is counted.

The bottom line: Our housing market is flourishing.

  • Available inventory reached historic lows last month and our roughly 4,100 pending sales is a record high, Les Sulgrove, DMAAR’s former president, told Axios.

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