It’s been a scorching summer in the Des Moines Metro! Has the real estate market been hot as well? Read on to get some inside information on how Q2 in the Des Moines Metro stacked up.
Total active single family homes as of July 1st is 2,239. This is up just slightly from 2,154 a year ago at this time. Thirty eight percent of the homes on the market are NEW CONSTRUCTION listings. In comparison, at the end of Q1 2018 46.5% of the available inventory was new construction.
Total inventory has been low for several years, so this is not a bad thing to have a few more homes listed in our market. A stable market is considered to be 6 months of inventory. Today total single family homes shows 2.9 months of inventory and new construction single family homes are at 6.2 months of inventory.
Total pending sales are down for this time of year when compared to the two previous years. There are currently 1,585 single family homes pending today. Q2 2017 had 1,755 homes pending at this time. And Q2 2016 had 1,782 homes pending.
Sold figures are also running a little behind the previous two years. As of July 1, 2018 there had been 4,401 total single family homes sold for the year. At the end of Q2 2017, there had been 4,622 total sold homes. And 2016 had 4,524 single family home closings by this time of year. Although numbers show a little decline, these are still strong numbers that point towards 2018 still being a good stable year of real estate. Also, new construction single family sold numbers were higher than 2016 and about even with 2017, a great sign for our builders and developers.
Want to know what a specific community or price point is doing? Click HERE to view my full Q2 2018 Statistics. When you break down areas of new construction that see a lack of supply, I find Ankeny, Bondurant, Des Moines, Granger, Indianola, Pleasant Hill and Van Meter are all areas that have less than a 6 month supply.
For additional information on the availability of single-family lots and unique CENTRAL IOWA housing communities, you can contact me directly at KALEN@PEOPLESCOMPANY.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.