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 on the market is 812, up from 707 a year ago.
In reference to homes under contract, Q3 2017 was much quieter than the first two quarters with total pending sales as of October 1 standing at 1,107, compared with 1,755 at the end of Q2 and 1,494 in October 2016. There were 321 sales of new construction HOMES PENDING at the end of Q3 2017.
There is data that shows more new construction homes listed for sale in Q3, and inventory days on market are increasing, although this can be typical for this time of year as builders ramp up their housing starts in the fall, before winter weather hits. At the same time, the data indicates GREAT BALANCE between a buyer’s market and a sellers’ market with a current 6-months supply of new construction homes.
When considering CURRENT LISTINGS of new construction homes – Adel, Ankeny, Indianola, Johnston, Polk City, Waukee and West Des Moines are all areas in which the inventory of new construction is LESS THAN 6 months, implying that each of these areas is ripe for builders and continued development.
For better appreciation of THE GROWTH that the Des Moines Metro has seen, the chart on the right reveals where we sat at the end of Q3 for each of the past five years. In reference to my Q3 2017 SINGLE FAMILY HOUSING STATISTICS, follow the link for the full report and information that can be used to further inform your decision-making.
Also, for those of you who may have missed a great evening attending last month’s Iowa Skilled Trades Alliance dinner, the DES MOINES REGISTER did a nice job covering keynote speaker Mike Rowe from “Dirty Jobs,” while BUILDING AWARENESS of the industry.
As always, my door is open for you to please contact me directly or learn more by visiting my website at NEWCONSTRUCTIONSPECIALIST.COM.
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.