The Des Moines Metro Market Snapshot is a quarterly report featuring inventories of new construction and existing single-family homes in the 18 communities I track for Peoples Company. My reports cover the residential housing data and statistics presented during the Annual Builder & Developer Luncheon, and provide updates on the Des Moines-area market throughout the year.
Home sales have remained steady in Greater Des Moines Area over the last 12 months with the strength of both market and consumer confidence growing more resolute than at any time in recent years as interest rates remain low for buyers!
New construction home sales, both pending and sold, were relatively flat on a year-over-year basis. Foreclosures are down to the pre-crisis levels of 2005-2006, and owners are finding renewed equity in their homes as prices have continued to rise through 2013 and 2014. This allows for the option of upgrading with an investment in an existing home or new construction home.
Both locally and nationally, what we’re seeing is the quick soaring of home prices taper off to a slower appreciation. This helps keep the price of homes affordable while staving off the threat of another housing bubble. Though the total number of homes sold in the Des Moines-area was down slightly in the 12 months ending June 30, compared with the prior year, it’s been a promising first half and sellers were excited to see their houses appreciating in 2013 and 2014. Prices aren’t as explosive as we saw last year, but interest rates remain low and this combination promotes a healthy market.
Overall, the stability of the housing market is better than it has been in years.
Current Market Snapshot – Des Moines Metro Area
|As of July 2014||As of July 2013|
|New Construction Active||427||628|
|New Construction Pending||374||340|
|New Construction SOLD||1,250||1,206|
|Total Months Supply||4.4||4.3|
|New Construction Months Supply||4.1||6.3|
*Sold includes single-family homes sold in the last 12 months.
Homebuilding activity remains strong in the Des Moines-area with options available for buyers in the market to find a lot, floor plan, and builder that match their needs and style. Inventories have continued to stay flat through this year, encouraging buyers who’re not finding what they want or what they need in the purchase of an existing home or new construction spec home to consider a built-to-order or custom new construction as a viable option.
Many buyers are finding a lot, floor plan and builder that fit their distinctive needs and unique style, which is my specialty as a Certified New Construction Sales Professional. The 2014 Home Show Expo, presented three weekends in July by the Home Builders Association of Greater Des Moines, featured projects by 11 great builders who presented their unique styles in the $500,000 to $950,000 price range in the Ridge at Echo Valley in Norwalk.
Two-thousand-and-fourteen was the first year that I represented a builder in the Home Show Expo, and it was an amazing experience to invite more than 12,000 attendees to tour our home. We very much appreciated a chance to meet everyone who stopped by!
Find more information on my listing of the Ground Breaker Homes Prairie Setter II at www.GroundBreakerHomes.com, and by watching a video tour of the home. Or you can start by checking out the many lots and building sites on our website at www.PeoplesCompany.com, or email me directly at Kalen@PeoplesCompany.com for more information.
I am a Residential REALTOR® and Certified New Construction Sales Professional who specializes in helping homebuyers locate a suitable lot, secure a qualified builder, and pick a perfect floor plan to match their unique tastes or personal style. The ability to listen and understand the needs of her clients allows me to offer appropriate feedback and credible data that help sellers and buyers make informed decisions regarding real estate transactions. Follow me on Facebook, Twitter and LinkedIn.