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 2.8 months and 5.4 months, respectively, and has remained steady when compared to 2.8 months and 5.1 months a year ago.
This is all good news for builders and shows inventory is moving!
When comparing the first two quarters of 2016 and 2017, single-family homes overall experienced an increased average number of days on the market – with an average of 91 days on the market last year and current average 101 days. So sales are robust, and the market is still booming, yet some inventory is sitting longer before it sells.
The total number of single-family homes sold in July 2017, at 4,622, was higher than July 2016 with 4,254. Sales of new construction in July 2017 was up to 820, compared to 719 a year ago.
Looking at total inventory levels for the 18 different communities that I track, you can see Adel, Indianola, Johnston and West Des Moines are among those with some strong sales, yet extremely low levels of new construction inventory.
If you are a builder looking for lots in any one of these areas, the development page of my website includes more information about what’s available. You can also follow this link to view my full Q2 2017 single family homes statistics and use it to better inform your decision making.
Remember, many custom builds are not tracked in this data as they are not recorded on the MLS. I would love an opportunity to share additional data or continue the conversation.
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.