The Norwalk real estate market sales remained stable during the month of December.
According to the Des Moines Area Association of Realtors®, there are currently 42 residential homes for sale in Norwalk, unchanged from a month ago but much less than the 66 we had a year ago. The median list price of the homes currently listed is $188,700 which is unchanged from last month.
During the month of December, there were just three offers accepted, which is the same as a year ago but down from 14 in November. The median list price of those homes was $149,900, and they were on the market for a median of 117 days. During December there were seven new listings in Norwalk with a median price of $123,900.
In December we saw 10 closed sales, unchanged from a year ago, with a median sale price of $150,000, which was 98 percent of the list price, and spent a median of only 51 days on the market.
The Norwalk real estate market in general is experiencing a seasonal slowdown in activity, but the inventory of homes on the market is very low. Buyers don’t have much to choose from and will pay almost list price when the right one comes along, provided it is priced correctly. Those homes also sell quickly, as we have seen.
Take a look at the following two charts from NAR (National Association of REALTORS) representing the housing market nationally.
The Pending Home Sales chart shows us the number of homes that have accepted offers but have not closed yet. The light green is the period from 10/10 to 10/11 and the dark green is the following year, 10/11 to 10/12. And as we can see, we’re still continuing to climb over the last 12 months, and we’re past the point of a normal market as determined by NAR.
The Months of Inventory chart represents the number of months it would take to sell the current inventory of homes for sale at the current rate of sales. At six months the market is considered balanced, and when that figure slides below six months it is considered a seller’s market. These statistics are also representative of our local real estate market.
I believe that the real estate market in 2013 will be a very healthy one. I wish you a very healthy, happy and prosperous year.
Information provided by Jon Niemeyer, Broker/Owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, 515-981-5131, Jon.Niemeyer@ExitRealtyNorthStar.com