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 Peoples Company’s Annual Builder & Developer Luncheon, and provide updates on the Des Moines-area market throughout the year.
The mercury is rising in Greater Des Moines, named as a Top 10 Hot Housing Market by the National Association of Realtors, amid increased levels of pending sales, homes SOLD and room for new construction throughout the region.
Sellers are terrifically positioned to take advantage of this HEAT WAVE, fueled over the spring by low inventories – and contributing to higher average sales prices. In many cases, we have seen multiple offers on individual homes that sold, not only within days, but HOURS of going on the market.
There are currently 2,418 – a 3.5-month supply – single-family houses on the Des Moines market. That’s compared with 2,743 – a 4.3-months supply – in July 2014. The inventory of single family, new construction homes is down to 604 units, a 5.4-month supply, compared with 628, a 6.2 months supply, one year ago.
Eyeonhousing.org reports that sales of existing homes rose in June to HIGHEST level since before the recession. At 77, the Q2 2015 AVERAGE days on the market for a Des Moines-area home is the lowest average recorded since I began tracking these statistics in 2007. Twenty-eight percent of the Des Moines-area homes that have sold this year were on the market for LESS THAN A WEEK, compared with the 14 percent of homes that sold in under a week in 2010.
All indicators point to Des Moines as a relatively easy place for buyers from the millennial generation on up to find an affordable home that matches their lifestyle, alongside the benefit of residing in an award-winning community with plenty to see, do and experience.
We meet buyers from all walks of life – who can’t find what they are looking as part of existing inventories – and are in the market for new construction. Many are working with builders to design and construct custom homes, or UNIQUE built-to-order projects featuring standard floor plans and customizable selections.
To expedite the process of securing bids, it is important for buyers to have pre-approval letters and be ready to make an offer if they find something they like. Sellers can benefit by getting their houses listed in the current environment, potentially increasing the SALE PRICE while inventories remain low.
With single-family lots available in Diligent Development Communities across Central Iowa, I would be honored to give you a tour, discuss availability, or answer any questions you may have in regards to my single-family lot listings in Norwalk, Ankeny, Waukee, Urbandale, Indianola, Polk City and Adel.
Learn more at www.DiligentDevelopment.com or contact me directly at Kalen@PeoplesCompany.com. A complete breakdown of my 2015 Des Moines Metro Single Family Housing Statistics may be viewed or downloaded by clicking here.
– Kalen Ludwig
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.