If you are thinking about buying or selling a house in the Des Moines area, you need to know what you are walking into. Here are some very relevant statistics for you (all numbers are as of June 30th, 2018):
Months of Inventory for Resale Properties – 1.8 months
Months of Inventory for New Construction – 7.6 months
Active Listings for Resale Properties – 2,223
Pending Listings for Resale Properties – 2,036
Active Listings for New Construction – 1,334
Pending Listings for New Construction – 617
Just look at those huge differences. For a refresher, 0-4 months of inventory is a Seller’s Market, 4-6 months is a Balanced Market, and 6+ months is a Buyer’s Market. Resale houses are in a strong Seller’s Market. New Construction houses are in a strong Buyer’s Market. Resale properties have 91.5% as many houses under contract as there are active houses for sale. New Construction properties are at 46.2% for the same ratio.
What does this mean to you? If you own your home and are thinking about selling it, you are most likely in a very strong position. I am repeatedly seeing houses that are adding $10,000, $15,000, and $20,000 in value PER YEAR!!! Where this is not necessarily true is if you have a resale home over $350,000. At that point you are competing against A LOT of new construction and buyers have a lot to choose from. No matter what your situation, you will need help to navigate the insanity that is this market.
If you are thinking about buying you need to know your inventory levels and how they can be dramatically different by even just a matter of blocks. There are pockets around the Multiple Listing Service where you will have more inventory than you know what to do with and you should adjust your offer strategies accordingly. There are many more places where you need to decide now if you are going to make an offer or not. Getting help will make sure that you aren’t disappointed by missing out on your dream home or paying too much for it.
Call me today. You can reach me at 515.639.0047 or RyanLynch@KW.com. I am good at what I do, and I want to help you.
~Ryan Lynch
