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Housing Statistics

Q2 2022: Housing Snapshot

By admin_leng | Published July 15, 2022

At the start of 2022 (Q1), we talked about the feeling of knowing things were too good to be true. The feeling of the wind in your hair as you drive “fast” down the road, the feeling of knowing in your mind that everything could change with the smallest bend in the road. Well, the housing market (our industry!) might be close to that bend … we are teetering on the edge … the future most certainly holds change. The most startling point of the second quarter of 2022 is the lack of pending single family homes. Currently, there are 1,751 pending single family homes in the Des Moines metropolitan area. Just a year ago, there were one thousand more […]

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Builder Luncheon Recap, What’s Ahead for 2022, and More!

By admin_leng | Published February 24, 2022

During The Builder and Developer Luncheon on February 24, 2022, I compared the building/housing industry to a Nascar race. With the hot market…we are all speeding down the track at high speeds. Everything is going smoothly. Maybe too smooth. This is exactly how I feel the real estate industry is going right now. The housing market is setting records every way we look at it! Inventory is extremely low, with bidding wars to top it off! As a real estate agent, one cannot work enough hours to keep up with the demand. Everything is moving so very fast (especially price increases), that one cannot help but wonder; how long can it last? When does a tire pop and a multi-car […]

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Q4 2021: 2021 ENDS IN HISTORIC YEAR FOR HOME BUYING

By admin_leng | Published January 27, 2022

A recent article in the Des Moines Register perfectly sums up 2021. In the article, Ted Weaver (past president of the Des Moines Area Association of Realtors) states, “It was a historic year for home sales by any measure.” And we agree, 100%.  The Des Moines real estate market was on fire, not only in the fourth quarter but for the entire year. Record breaking sales and record breaking construction have dominated market conversations for months now. Homes of all types flew off the market. Buyers were hustling to make offers, most finding themselves compromising “must haves” simply to be able to get a home before someone else snagged it up. It has been quite the experience but we should […]

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Q3 2021: Des Moines Metro Housing Snapshot

By admin_leng | Published October 18, 2021

Temperatures are dropping, days are feeling shorter, and our farmers are harvesting their fields. Fall has come to the Des Moines metro and the third quarter of 2021 housing market is wrapping up very similarly to the second quarter. We still have a hot market, high prices and a drought of inventory. What is driving this, you ask? Record low mortgage rates and a scarcity of inventory. Home ownership is within reach for a large number of prospective purchasers as our economy continues to support work-from-home options. This is directly fueling an increase in housing demand. Those in the Des Moines metropolitan areas want detached single-family homes that provide greater living space and separation from adjacent properties. As Q3 comes […]

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Hot Summer and Real Estate Market: Q2 Update

By admin_leng | Published July 14, 2021

Can you believe we are already halfway through the year? Time’s flying as businesses are opening back up, giving us a sense of normalcy. This season we’re back with our friends and family and enjoying summer activities. Speaking of summer — it’s been a HOT one! And the real estate industry has been following very similar trends to this year’s summer forecast.  Hot, high temps, and we’re in a drought: the market remains hot, prices are high and we are in a drought with home inventory!  Though lumber prices are slowly declining, prices still remain high; we have a shortage of material; and also are seeing labor shortages — all of this plays a factor in the increased prices of […]

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Q1 2021 is HOT despite record freezing temps!

By admin_leng | Published February 26, 2021

The ending of the first quarter of 2021 marks the one year mark for the global coronavirus pandemic. Who could have predicted we would also be in the one of the robust housing markets any of us have ever experienced? What brought about this market, we ask ourselves? Was it the extremely low interest rates? Could it be the stimulus money that was introduced into our economy? Is the work from home requirements that our workforce was forced to accommodate? We may never fully understand all the factors that got us to where we are today but everyone can agree; this is uncharted territory for the housing market, both in new construction and resale. When looking at 19 different communities […]

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Des Moines Real Estate in 2020

By admin_leng | Published January 15, 2021

“What a year 2020 has been!” How many times have we all heard that before? Yet it always seems to be so very, very true.  It definitely applies when we look at the housing market!  2020 saw phenomenal sales for new construction homes in the Des Moines area, representing 20% of all single family home sales in 2020.  The last time we reached a number even somewhat close to this was in 2007 at 19% market share.  A truly remarkable year 2020 has been. What is driving this consumer desire for newly built homes? The Urban Land Institute* refers to the current boom as “the great American move”, which was ignited by the pandemic, creating a growing desire to live […]

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How has the pandemic effected the housing market?

By admin_leng | Published October 15, 2020

Can a pandemic be the best thing to happen to the housing market? Interesting enough, it can be! The home building and residential real estate market is booming. 2020 has set a record for the highest number of new construction homes sold in more than a decade. This is going to be a record year for real estate sales! Amidst this unprecedented time, certain economic sectors are struggling, unemployment is high, and construction costs and supply chain issues are a daily problem. At the same time, interest rates are at an all time low and the market is begging for inventory. No one expected a quarter like this, yet alone a year like this! Earlier this spring, many speculated that […]

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Housing Market is HOT Despite COVID-19 Pandemic

By admin_leng | Published July 21, 2020

Summer is upon us and not just the weather is hot; the housing market is HOT! In the midst of the COVID-19 pandemic, the second quarter housing market numbers show that now is a great time to both sell and buy a house. Overall, there is a lack of homes for sale while at the same time, interest rates are very low. These factors together make these summer months the time to move. Sellers will see quick sales while buyers can take advantage of small monthly mortgage payments. When comparing July single family homes for sale 2019 verses 2020, there are 862 less houses available. This is a 36% market reduction, which includes resales and new construction homes. Looking at […]

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Single Family Home Sales Increase from 2019

By admin_leng | Published April 28, 2020

COVID-19 is upon us and the population is quarantined at home. However, it seems that many are feeling that now is the time to find a new home. Customers are taking advantage of online research tools and non-traditional ways of buying and selling property. Interest rates continue to remain low, making this a great time to buy. Kalen Ludwig Real Estate Specialists are practicing social distancing and helping customers in unique ways to keep up with the demand. Single family home sales are up by 116 homes when comparing data from April 2020 (2279 homes) to that of April 2019 (2163 homes). New construction sales are up a total of 43 homes when compared to the same time frame last year. […]

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Kalen@PeoplesCompany.com

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