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Matt Grohe RE/MAX Des Moines

September 2011 Home sales statistic for the greater Des Moines area

September 2011's home sales for the greater Des Moines area including Ankeny, Adel, Bondurant, Carlisle, Clive Cumming, Indianola, Johnston, Urbandale, West Des Moines, Windsor Heights rocketed 36% ahead of last year's and were up approximately 5% month on month as well.

The average sales price remained essentially flat at $169,920, a .4% rise from the prior year. Days on market remained eseentially unchanged year on year, but fell eight days from 109 in August to 101 for the month of September.

Sales in September compared to the prior year were still skewed by the effect of the Home Buyer Tax Credit which expired May 1 2010 but allowed buyers to close by September 30th 2010. October 2011 will mark the first month whereby meaningful comparisons can be made to the year prior. The Des Moines MLS had 5,375 homes on the market in September, 159 homes fewer than in August and 489 units fewer than a year earlier.

The top selling price categories were as follows:

  1. $200,000 - $249,900 102 units
  2. $140,000 - $159,900 86 units
  3. $120,000 - $139,900 74 units
  4. $160,000 - $179,900 68 units

The top means of financing used were:

  1. Conventional 344 units
  2. FHA 199 units
  3. Cash 168 units
  4. VA 33

24 homes sold priced $400,000 or higher out of an approximate inventory of 360 units, indicating a 15 months supply.

134 condo-townhome units sold out of an approximate inventory of 960, indicating a seven months supply.

City
9/2011
Total Sold
9/2010
Total Sold
Total Sold
% Change
2011
YTD Sold
2010
YTD Sold
YTD Sold
% Change
22
18
+22.2%
168
175
-4.0%
104
64
+62.5%
766
757
+1.2%
28
13
+115.4%
178
166
+7.2%
225
162
+38.9%
1,700
1,793
-5.2%
14
16
-12.5%
142
143
-0.7%
38
19
+100%
240
240
0%
17
7
+142.9%
107
112
-4.5%
58
44
+31.8%
445
449
-0.9%
24
19
+26.3%
215
244
-11.9%
68
75
-9.3%
624
657
-5.0%
TOTAL - DMAAR MLS (all cities)
774
571
+35.6%
5,924
6,067
-2.4%
City
9/2011
Avg Sale Price
9/2010
Avg Sale Price
Avg Sale Price
% Change
9/2011
Median Sale Price
9/2010
Median Sale Price
Median Sale Price
% Change
169,032
203,366
-16.9%
170,250
177,500
-4.1%
187,759
193,449
-2.9%
182,700
182,518
+0.1%
281,583
262,428
+7.3%
312,500
237,414
+31.6%
109,939
101,190
+8.6%
95,500
89,000
+7.3%
159,986
144,848
+10.5%
148,500
108,250
+37.2%
211,231
217,321
-2.8%
182,102
177,900
+2.4%
171,966
169,200
+1.6%
149,900
195,000
-23.1%
193,786
254,481
-23.9%
182,625
207,384
-11.9%
222,594
203,555
+9.4%
215,094
183,200
+17.4%
279,222
225,078
+24.1%
182,450
195,000
-6.4%
TOTAL - DMAAR MLS (all cities)
169,920
169,305
+0.4%
148,000
150,000
-1.3%
9/2011
Days on Market
9/2010
Days on Market
Days on Market
% Change
110.6
92.8
+19.2%
88.3
94.8
-6.9%
88.6
110.1
-19.5%
93.1
83.5
+11.5%
144.1
98.1
+46.9%
93.6
103.2
-9.3%
111.6
85.9
+29.9%
90.3
122.2
-26.1%
72.0
115.1
-37.4%
74.5
112.2
-33.6%
TOTAL - DMAAR MLS (all cities)
101.0
102.0
-1.0%

Data provided courtesy of the Des Moines Area Association of REALTORS covering the period 09/01/11~09/30/11. All rights reserved.

Iowa Finance Authority Raises FirstHome Plus Downpayment Assistance Grant to $3,500

A good thing just got better! The good people at the IFA, or Iowa Finance Authority have upped the amount of the incentive for qualifying first time homebuyers buying homes in Iowa to $3,500 from $2,500. According to the IFA's website "The IFA's mission is to finance, administer and preserve affordable housing and to promote community and economic development for Iowans. IFA is a self supporting agency."

The Iowa Finance Authority grant can be used for closing costs, down payments or for minor repairs. Currently, it is one of the few subsidies available for first time buyers, but it must be used for with an IFA loan product.

The IFA issued this press release on the program today:

Effective Thursday, October 13, the Iowa Finance Authority's FirstHome Plus down payment assistance grant will increase from up to $2,500 to up to $3,500 until December 31 or until funds are expended.

Affordable homeownership is vital to providing young professionals and working families with a safe place to call home and in turn stimulates neighborhoods and communitites throughout the state.

The Iowa Finance Authority strives to make our homeownership programs as accessible and affordable as possible. The $1,000 in bonus down payment assistance will address one of the biggest barriers Iowa home buyers face, which is finding the funds necessary for down payment and closing costs.

Attention Lenders:
Important $3,500 Down Payment Dates to Remember:
For a home buyer to be eligible to receive the $3,500 in FirstHome down payment assistance, the following deadlines must be met.
October 13: $3,500 FirstHome Plus reservation period begins
December 31, 2011: Final reservation deadline
February 29, 2012: Closing deadline
March 9, 2012: Delivery of program compliant and secondary market eligible mortgage
Please note that there are no extra steps to apply for the $1,000 in additional down payment assistance. All FirstHome Plus reservations made between October 13 - December 31 will automatically be applying for the $3,500 until funds are expended.

For your convenience, a home buyer flyer announcing the $1,000 in additional down payment assistance is available here and information is available on the Iowa Finance Authority web site.

If you'd like more information about Iowa Finance Authority FirstHome Plus Downpayment Assistance grant please call me at 515-271-8999. The IFA program is administered through a numbered of local lenders.

Try Cici's Pizza for your next family outing, or anytime hunger strikes!

I'm not a big fan of chain restaurants in general. So several years back when Cici's Pizza came to town it was no big deal for me. There were lots of ads announcing the opening and many mailers with coupons which I ignored. They were in town for about a year and a half before we tried it for the first time. We were out shopping one day in Haymarket Square on Merle Hay Rd and our three kids were ravenous. Our oldest chirped "let's go the Cici's Pizza!" as we drove by and our two others immediately joined in chorus. It just so happened that I had two coupons in the car for a free kids buffet with the purchase of an adult buffet, and our youngest being under three would be free. The buffet you should know is only $4.99 so our whole family would be eating for around $10. That tipped the balance for me so we parked and went in. The buffet was simple but complete, with salad, pasta, bread sticks, pizza and dessert plus there is a game room to boot for after. I have since been back several times, though not with all three kids. I usually make it a special event and only take one at a time which they enjoy. Every time I've been the restaurant has been clean and well lit, the staff has been accomodating, and the food has been excellent.

The staff at the Haymarket Square location really could not be friendlier. They smile and ask you if you need anything constantly. There are twenty kinds of pizza on the menu but they will also make special orders. Anytime you approach the buffet they invite you to order something if you don't see what you want up there. I'm partial to pepperoni with Jalapenos and not seeing it I decided to take them up on their offer to make a fresh pie on demand and ordered one. They seemed overjoyed I asked and went to work like lightning. About seven minutes later they brought the steaming hot pizza to our table and invited me to take what I wanted. They then put the rest on the buffet.

To top it all off they have great desserts as well consisting of really gooey, hot cinnamon rolls, apple and blueberry dessert pizza and scrumptious brownies. If they are ever out of what you like they will cheerily make it in a flash and bring it right out to your table. I really have to limit my visits there because the food is so tasty I end up eating way more than a middle aged guy should. The fact that the food is so good that it inspires you to indulge is perhaps the only drawback to Cici's. I've taken a few friends there as well as they have a $9.99 special for two adult buffets with two drinks. All have been similarly impressed.

On my last visit I took my son Esden who can be seen ladling plain pasta into a bowl (right) and forcing the last few bites of his pizza into his mouth (below) so he can take his two quarters he's been saving to go have fun in the game room behind him.

We go the Haymarket Square Cici's because it is convenient to our home, but there is another location on Des Moines' South side. So if you enjoy pizza and are looking for an affordable and fun place to take your family in the Des Moines area head on over to Cici's. They do not dissapoint by any measure and offer delights for both young and old. Please see below for locations in the Des Moines area:

Des Moines area home sales for January 2011

The sales figures for the first month of 2011 are in for Altoona, Ankeny, Clive, Des Moines, Indianola, Johnston, Pleasant Hill, Urbandale, Waukee, West Des Moines and surrounding areas and they give cause for optimism. Unit sales were ahead of last year which is no small feat considering last January's sale were bolstered by federal tax credits for first time and move up buyers. Sales rose 2.1% this January a modest gain but again pretty significant considering. Sales were up slightly from December's 378 units as well

Another positive was average was that average sales prices rose as well, averaging $150,871 climbing 6.9% year on year but down 6.7% from December's $161,420 average.

According to DMARR, or the Des Moines Area Association of REALTORS, there were an average of 5,086 homes on the market which they claim is the lowest level of inventory since December 2009. Days on market were a 115 in January 2011, up a bit from December's 113 days on market, and up dramatically from 89 in January 2010.

The hot price categories for sales were:

  • $200,000 ~ $249,999 42 units sold
  • $120,000 ~ $139,999 38 units sold
  • $140,000 ~ $159,999 37 units sold
  • $160,000 ~ $179,999 37 units sold

2 homes priced $400,000 or higher sold out of appx. 313 on the market. 54 condo/townhome units sold out of appx. 964 available.

Popular methods of purchase were:

  • Conventional: 165 units
  • FHA: 103 units
  • Cash: 93 units

January's sales were a good start for the year and hopefully portend a pickup in the market. Affordability seems to remain at reasonable levels meaning good conditions for buyers and inventory is low indicating that "There's less competition for sellers right now," according to Les Sulgrove DMAAR President.

City 1/2011
Total Sold
1/2010
Total Sold
Total Sold
% Change
2011
YTD Sold
2010
YTD Sold
YTD Sold
% Change
ALTOONA 10 6 +66.7% 10 6 +66.7%
ANKENY 42 35 +20.0% 42 35 +20.0%
CLIVE 7 8 -12.5% 7 8 -12.5%
DES MOINES 103 129 -20.2% 103 129 -20.2%
INDIANOLA 14 9 +55.6% 14 9 +55.6%
JOHNSTON 18 14 +28.6% 18 14 +28.6%
PLEASANT HILL 5 1 +400% 5 1 +400%
URBANDALE 26 27 -3.7% 26 27 -3.7%
WAUKEE 13 15 -13.3% 13 15 -13.3%
WEST DES MOINES 43 29 +48.3% 43 29 +48.3%
TOTAL - DMAAR MLS (all cities) 381 373 +2.1% 381 373 +2.1%

City 1/2011
Avg Sale Price
1/2010
Avg Sale Price
Avg Sale Price
% Change
1/2011
Median Sale Price
1/2010
Median Sale Price
Median Sale Price
% Change
ALTOONA 137,500 179,000 -23.2% 138,000 137,750 +0.2%
ANKENY 187,843 179,371 +4.7% 163,900 168,000 -2.4%
CLIVE 264,369 224,719 +17.6% 265,000 208,000 +27.4%
DES MOINES 84,950 97,106 -12.5% 64,500 73,800 -12.6%
INDIANOLA 163,632 138,367 +18.3% 175,950 143,000 +23.0%
JOHNSTON 287,712 269,995 +6.6% 217,750 223,125 -2.4%
PLEASANT HILL 144,380 107,000 +34.9% 110,000 107,000 +2.8%
URBANDALE 190,391 186,729 +2.0% 191,400 166,000 +15.3%
WAUKEE 175,443 193,575 -9.4% 161,000 197,525 -18.5%
WEST DES MOINES 194,928 187,812 +3.8% 169,600 148,500 +14.2%
TOTAL - DMAAR MLS (all cities) 150,871 141,147 +6.9% 141,000 127,900 +10.2%

Data courtesy of the Des Moines Area Association of REALTORS 01/01/11 ~ 01/31/11. All rights reserved

When buying property in Iowa at a Sheriff's Sale, make sure you can get a deed!

This is the third in a series exploring the ins and outs of purchasing properties at a Sheriff's Sale or as they are sometimes called Forfeiture Auctions. Here are the first two:

Central Iowa Sheriff Sale or Forfeiture Auction procedures and locations

Should I buy a property at the County Sheriff sale or wait until it becomes an REO?

Many would assume that if they purchase a property at a Sheriff Sale paying cash by 3pm on the day of the sale, as required, that they would then get a deed to the property, in this case a Sheriff's Deed. However, that may not be the case. According to Iowa foreclosure law, a person who owns a homestead, a property they occupy as a primary residence, they have from 6 months to a year to redeem the property by paying all back payments, penalties and interest in full. This is called a right of redemption.

If you purchase a property at Sheriff Sale that has a right of redemption, you will not get a deed. You will instead be issued a Certificate of Purchase. You will need to retain the original Certificate which you can exchange for a Sheriff's Deed when the owners right of redemption has expired. If you lose the Certificate you will need to get a court order directing the Sheriff's office to issue you a duplicate which you can exchange.

If there is no redemption period or the defendant has elected foreclosure without redemption then the Sheriff's Deed will be issued to the highest bidder upon receipt of the funds by the Sheriff.

Once you have the Sheriff's Deed you can record your ownership at the county courthouse, but not until. This special circumstance with right of redemption in Iowa is yet another reason a buyer should seek professional legal advice before considering purchasing a property at a Forfeiture Auction.