Central Iowa has something for everyone, thanks to job growth and the relatively low cost to get into an existing or new construction single-family home. In this – my Q3 2015 edition of the Des Moines Metro Market Snapshot – I’m presenting ten “Fast Facts” on inventories, price points, hot spots, homebuilders and more.
10 Fast Facts on the NEW CONSTRUCTION MARKET in Des Moines
1. The total inventory of single family units in the 18 Central Iowa communities I track fell by 320 – to 2,496 houses – compared with the year-earlier period.
2. Des Moines-area homebuilders showed no signs of slowing and they were ahead of schedule in the third quarter with 1,746 building permits pulled – as of August – compared to 1,355 permits pulled during the same period last year.
3. There are 665 single-family new construction homes on the market, compared with 674 a year ago.
4. As of October 1, the lowest new construction price in the market was $145,000 in the city of Des Moines.
5. The metro area’s highest new construction spec home price, in Urbandale, was $879,000. Of all active listings, the average new construction price was $343,869, while the median came in at $325,000.
6. More than 1,097 single-family new construction homes represent 16 percent of the total number of houses sold in the Des Moines-metro this year. Ankeny dominated with the highest number of new construction sales in the past 12 months, followed by standouts Waukee, Grimes, Urbandale and West Des Moines.
7. Those looking to build a spec home in the $300,000 to $350,000 price point range may want to check out Clive, Norwalk, Ankeny and Pleasant Hill. Each of these markets are showing fewer than five months worth of supply, and may need some additional inventory.
8. According to units built, year to date as of August 2015, the Des Moines metro’s largest builders included Orton Homes, Classic Builders, Hubbell Homes, Jerry’s Homes and Greenland Homes. As of August, these builders made up 31 percent of the homes started.
9. More than 125 Des Moines-area builders have pulled more than 1 permit so far in 2015.
10. Recognized by Realtor.com this month as a top choice for millennial-age buyers, this age group comprises 59 percent of the Des Moines-metro area’s mortgage holders.
Click here for more Q3 Des Moines Metro Market statistics, including a more in-depth overview and snapshot of active listings, pending listings, days on the market and single-family homes sold. You can also visit www.DiligentDevelopment.com to view available properties and future projects, or contact me by directly for additional information in regards to buying or building a home here.
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. After listening and understanding the needs of my clients, I offer appropriate feedback and credible data that help buyers and seller make informed decisions in regards to real estate transactions. Follow me on Facebook, Twitter and LinkedIn.