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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 just new construction, the active inventory of homes dropped from 816 in 2019 to only 602 available homes in July 2020.  This is the lowest available inventory to date in the last decade.

Pending sales over the course of the summer, thus far, have seen a significant increase when compared year over year. Last July, there were 1,492 single family homes pending sales as of July 1 whereas this year, there are 2,250 sales pending. That is a difference of 758 homes, which truly is amazing when looking at the impact the coronavirus has had on our society.

For closed sales in the metro area, the second quarter of 2020 reports an 11% increase over the numbers from last year. A total of 4,660 single family homes have successfully sold this year as of July 1, 2020. We are talking to clients already about how they are living and working differently, likely now from a home office. Many are finding their living space needs have changed.

For more details, view the chart below showing statistics from 19 metro communities. Home availability and month’s supply is broken out by price range. From a builder’s perspective, it is very interesting to see where the voids are in the market. There are definitely opportunities in certain locations and price ranges. (Full Housing Stats Can be Viewed Here)

The housing market is HOT and now is the time to both buy and sell! We are so impressed with our community; the real estate market and building industry in the Des Moines Metro is still strong despite the pandemic.

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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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Economic Update with Elliot Eisenberg

By admin_leng | Published April 02, 2020

Thank you to Elliot Eisenberg for joining us to discuss the impact COVID-19 is having on the real estate industry, and economy as a whole. If you missed the call, or would like to replay the call, you can do so below.

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Economic Update with Elliot Eisenber, Hosted by Kalen Ludwig

By admin_leng | Published March 27, 2020

We know questions about the economy — especially in the housing market — is on many people’s minds during this unprecedented time in our history. We are excited to have internationally acclaimed economist Elliot Eisenberg join Kalen Ludwig on April 2nd to discuss development, new construction and the housing industry as a whole. We’d love to get as many of your questions answered, so we ask that you provide them to us in advance. Email them to Kalen Ludwig at kalen@peoplescompany.com. ~~~~ Full Meeting and Dial-In Information Topic: Economic Update with Elliot Eisenberg, Hosted by Kalen Ludwig Time: Apr 2, 2020 01:00 PM Central Time (US and Canada) Join Zoom Meeting https://zoom.us/j/345558691 Meeting ID: 345 558 691 One tap mobile […]

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Continuing to work for you amidst COVID-19

By admin_leng | Published March 23, 2020

We understand that your housing needs — whether you are buying or selling — doesn’t stop in the face of this pandemic; especially when mortgage rates are at a steady low. Rest assured, we won’t stop working for you and our number one priority at Kalen Ludwig Real Estate Specialists is your health and safety. We are happy to assist you in smart, private showings. We also are equipped with hand sanitizer, gloves, and everything you need giving you added peace of mind. You won’t even have to leave the comfort of your home with our virtual tour options. Whatever virtual platform you prefer to meet on, we are ready and prepared. Stay safe and healthy! We are here for you […]

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Q1 2020: DES MOINES METRO HOUSING SNAPSHOT

By admin_leng | Published February 26, 2020

Earlier this month, the groundhog told us “spring is coming” as he crept out of his burrow after his long winter sleep.  Spring, indeed, is coming and for the real estate and homebuilding industries this is an exciting time of year! We left off in January looking ahead to 2020 with mixed expectations as some were feeling there was great potential laying ahead while others felt a market slow down could be predicted.  As we approach the end of February 2020 and let the data do the talking, it seems the optimists were right and there IS great potential to come.  Total active listings has decreased and mortgage rates have stayed low. To begin, let’s look at the Des Moines-area […]

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Q4 2019: Des Moines Metro Housing Snapshot

By Kalen | Published January 20, 2020

It’s a wrap! Now that 2019 is behind us, it’s a good time to take a look back at the performance of our Des Moines Metro housing market last year. From recent conversations I’ve had with leaders in the real estate and homebuilding industries, there seems to be a mixed bag of opinions about the state of the market and expectations for the coming year. Some feel that they are the busiest they have ever been and see GREAT POTENTIAL for 2020. Others are feeling a bit slower than previous years and see signs of a slower real estate market. As we start peeling back the data, what we can see right away is an overall low supply that has […]

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Q3 2019: Des Moines Metro Housing Snapshot

By Kalen | Published October 25, 2019

Like it or not, autumn has arrived and old man winter is fast approaching in Central Iowa. Speaking of crazy Iowa weather, it has actually played a very interesting role in this year’s real estate sales and market activity. Excessive rainfall in recent months helped turn some building sites into impromptu slip-and-slides, causing delays in construction and contributing to a lower-than-expected number of housing starts. Developers, too, haven’t been able to get in all the plats they had hoped and many are playing catch up following a super wet summer and spring. Currently, interest rates, talk of future recession, and a dip in home sales from prior years are each at the forefront of everyone’s mind. In reality, weather conditions […]

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Q2 2019: Des Moines Metro Housing Snapshot

By Kalen | Published July 15, 2019

There’s some welcome news in today’s market for buyers and sellers ready to make the most of the summertime house hunting and homebuilding season. MORTGAGE RATES dropped since April, and are currently at the lowest levels we have seen for over 18 months. So the market is seeing some traction as more buyers are showing an interest in making offers, due to the improved affordability! As of July 1, the total number of active single-family homes on the Des Moines Metro Market, including re-sales and new construction homes, had increased 5.9 percent to 2,370, compared with a year earlier. When you single out the active inventory of new construction single-family homes, we actually saw a decrease from 853 a year […]

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Q1 2019: Des Moines Metro Housing Snapshot

By Kalen | Published March 01, 2019

The number of single-family homes listed in the Des Moines Metro inched slightly upward in 2018, as sales growth slowed and the affordability of new construction contributed significantly to our present market conditions. There are currently 2,132 active single-family homes on the Des Moines market, translating into a 2.8-month supply and an approximate increase of 8.7 percent from a year ago. Given that a six-months supply reflects stability, we have continued to view the Des Moines Metro through the lens of a seller’s market, especially in price points below where builders are able to provide inventory. What we are seeing today is the tale of two markets, including a resolute “resale” market with the majority of listings under the $300,000 […]

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Q4 2018: Des Moines Metro Housing Snapshot

By Kalen | Published January 16, 2019

The start of a new year is always a great time for developers, builders and real estate professionals to reflect on the past and start mapping out the future. Two-thousand-and-nineteen is going to be a year of change as national homebuilders enter the Des Moines Metro and with affordability and rising interest rates being a concern. Personally, I get excited when I think about the validation of a strong market, one that is strong enough to attract the attention and confidence of national builders. At the same time, now is the time to be more intentional than ever with collecting and analyzing data on what is selling – to help determine where and at which price points to build. When […]

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Q3 2018: Des Moines Metro Housing Snapshot

By Kalen | Published October 17, 2018

The word on the street when it comes to housing is that the national market may have peaked and is starting to cool down a bit. At the same time, according to one national article on CNBC’s “Realty Check,” it’s important to follow all the facts as inventory, price point and location each play key roles. IN THEIR WORDS: “The housing recovery isn’t over, it just feels like it…” Following a period of substantial growth, it is a great time to reflect on the local housing market – where strong demographics (the region grew 1.8 percent to 645,911 residents in 2017) and a sizzling labor market (2.5 percent unemployment rate) factor in. Let’s assess our Des Moines Metro housing statistics […]

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Q2 2018: DES MOINES METRO HOUSING SNAPSHOT

By Kalen | Published July 17, 2018

It’s been a scorching summer in the Des Moines Metro! Has the real estate market been hot as well? Read on to get some inside information on how Q2 in the Des Moines Metro stacked up. Total active single family homes as of July 1st is 2,239. This is up just slightly from 2,154 a year ago at this time. Thirty eight percent of the homes on the market are NEW CONSTRUCTION listings. In comparison, at the end of Q1 2018 46.5% of the available inventory was new construction. Total inventory has been low for several years, so this is not a bad thing to have a few more homes listed in our market. A stable market is considered to […]

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Q1 2018: Des Moines Metro Housing Snapshot

By Kalen | Published March 01, 2018

With a total of 1,961 active listings of single family homes, translating into a 2.5 months supply, this ​LOW LEVEL of inventory reflects a trend we’ve been tracking over the past five years​,​ and appeared to continue in Q1 2018. Heading into March, there were 1,257 pending sales of single family homes in the Des Moines ​Metro​, or 74 fewer pending sales than a year ago. The ​TOTAL MONTHS SUPPLY – six months is considered to be indicative of a stable market – has hovered around two to three months over the past several years, and continues in that range today. The overall inventory has continued to drop and listings of ​NEW CONSTRUCTION homes are growing. Notably, of the total […]

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Q4 2017: Des Moines Metro Housing Snapshot

By Kalen | Published January 19, 2018

Two-thousand-and-seventeen was another BLOCKBUSTER year for the Des Moines Metro housing market as sales of single-family homes in the 18 communities I track reached a record-breaking high of 9,415. INVENTORY in the overall single-family housing category remained low heading into 2018, while the number of total active listings increased slightly to 2,035, compared to 1,910 at the end of 2016 and 2,043 a year prior. New construction made up 1,677, or 18 percent, of the total number of single-family homes sold in 2017, with the SUPPLY AT YEARS-END sitting at 6.7 months. That’s compared to 6.1 months of supply at the end of 2016 and 5.5 months of supply for the year-earlier period. While the price of a NEW HOME […]

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Q3 2017: Des Moines Metro Housing Snapshot

By Kalen | Published October 23, 2017

Active listings of single-family Des Moines-area homes fell at the end of Q3 2017 to 2,064, down 4 percent from 2,154 listings on July 1. Fast forwarding to October, what we now see is quite a few new homes going on the market and GROWING INVENTORY in the Des Moines Metro housing market. The total number of single-family homes sold through Q3 2017 is 7,294 existing homes and 1,279 new construction homes. When compared to this time last year, which boasted a phenomenal 7,148 existing homes sold and 1,157 new construction homes sold, the single-family market is POISED TO OUTPACE those figures as we track yet another record-breaking year! As I write, the total number of active NEW CONSTRUCTION homes […]

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Q2 2017: Des Moines Metro Housing Snapshot

By Kalen | Published August 04, 2017

The Des Moines Metro housing market continued its boom in Q2 2017 as resales of single-family homes were up and local inventory of new construction fell. The number of total active listings increased to 2,154 single family homes in Q2 – up slightly from the past two quarters and fairly typical for the spring/summer selling season. At the same time, though the total inventory grew and there are more resales on the market, new construction inventory was lower, with 732 active listings in Q2, compared to 781 listings in Q1. Pending new construction numbers are also stronger this quarter, compared to both Q1 2017 and Q2 2016. The total months supply for all single-family homes and for new construction is […]

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Q1 2017: Des Moines Metro Housing Snapshot

By Kalen | Published March 03, 2017

With 1,843 active listings of single-family homes, the Des Moines Metro is once again seeing an ALL-TIME LOW in terms of active inventories, and in comparison to previous years. Of these listings, 42 percent are comprised of new construction homes. Overall inventories of residential real estate remain very low as a six-month supply is considered to be a sign of market stability. Today, TOTAL SUPPLY of single-family homes sits at 2.4 months, a slight decrease from 2.6 months as of a year ago. The total number of PENDING SALES of single-family homes stood at 1,331, a year-over-year increase, as pending sales of new homes also rose to include offers on 339 properties, compared with 298 in Q1 2016. Sales of […]

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Q4 2016: Des Moines Metro Housing Snapshot

By Kalen | Published January 25, 2017

The state of the Des Moines-area housing market heading into 2017 can be associated with an extremely low inventory of single family dwellings in general, yet a steady uptick in the availability of new construction homes over the past several years. A historic number of 9,277 single-family homes sold last year in the 18 communities I track with new construction comprising 16.3 percent of the total sold for 2016. For comparison, in both 2007 and 2010, 19 percent of total sales in the Des Moines market were tied to the development of new construction homes. The resale market over the past year has been very hot due to a lack of new construction homes being built under a $250,000 price […]

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Q3 2016: Des Moines Metro Housing Snapshot

By Kalen | Published October 31, 2016

The Des Moines-area housing market showed further signs of stabilization in Q3 2016 as the total number of homes sold year-to-date reached 7,450­­–up from 6,871 a year ago. That puts the Des Moines Metro on track to achieve another record year. The number of new construction homes sold also increased–to 1,268–compared with 1,097 through Q3 2015. Total inventory has continued to decrease with just 2,210 active single-family homes on the market–a 2.9 months supply as of October 2016–compared to 2,496 a year ago at this time. For further comparison, there were a total of 2,150 single-family homes on the market at the beginning of Q2 2016. The local real estate market overall had a terrific 2016 so far with a […]

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Q2 2016: Des Moines Metro Housing Snapshot

By Kalen | Published July 27, 2016

Home sales in the Des Moines Metro are on track to break records this year as local REALTORS belonging to DMAAR have reported a total of 4,524 single-family homes sold as of July 1, 2016. Of those, 719 or 16 percent, are new-construction homes. Inventories of RESIDENTIAL REAL ESTATE are at an all time low, both locally and nationally. Today, the Des Moines-area has 2,150 single-family homes on the market–A 2.8 MONTHS SUPPLY–compared to 2,418 at the end of June last year. The inventory of new construction, includes 644 single-family homes on the market, which is up by 44 homes over a year-over-year basis. One may think that with the low inventory that buyers have to choose from, this would […]

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