2017 Des Moines area home sales stats

By
Real Estate Agent with RE/MAX Concepts

The solid home sales trends the Des Moines area has been experiencing for past 5 years remained in place in 2017 with the region posting new records in numbers of homes sold and in average sales prices.

On the top line unit sales MLS wide rose from 14,067 units in 2016 to 14,763 units in 2017 for a gain of 4.9%.

Averages sales price gains tracked the gain in unit sales in December 2017 posting a 3.8% gain and rising from $208,680 to $216,687. This seems to indicate a healthy level of appreciation.

Average sales price to list price crept up slightly from 98.3% in 2016 to 98.5% in 2017. The rise may reflect low inventory levels translating into gains for sellers in which fewer buyer options puts sellers more in control. Units available for sale started 2017 at 2,924 which is about 1500-2000 units under historical norms and reflected decade lows.  2017 ended with units available at 3,213 which indicates a slight easing but leaves us still well under average levels MLS wide.

Days on market inched up from 94 to 100 probably as a result of so many new build homes sold and which tend to have longer market times. New construction sales rose a bit from 33% of all sales in 2016 to 37% in 2017. All areas saw gains in days on market except Waukee which had a decrease of almost 18%. Days on market in Altoona soared an astonishing 51% from 81.2 to 122.6.

The largest sales gains for Decemeber 2017 were in Altoona at 19.45%, followed by Indianola at 18.7% and Clive at 15.2%

The lowest sales gains were -6.2% in Grimes, 2.7% in Des Moines and 3.3% in West Des Moines.

The big story nationally is that rates are rising on fed tightening expectations and that may be front loading some sales this spring as buyers rush to lock in rates against a backdrop of low inflation and 2.3% GDP growth. Average 30 year rates rose to 4.15% this week with VA holding under 4 at 3.85%.

Rates are still low historically but rising values and rising rates can slowly erode affordability unless the gains can be matched by increased wages and earnings. 2017 saw strong gains in the Dow, NASDAQ and the S&P so some potential buyers may be tempted to convert their market winnings into housing as the bull market for equities enters its 9th year and the prospect for future gains remains hazy. That could then have the effect of maintaining the sales momentum we've seen in local housing for the past six years.

 

City
12/2017
Total Sold
12/2016
Total Sold
Total Sold
% Change
2017
YTD Sold
2016
YTD Sold
YTD Sold
% Change
27
25
+8.0%
399
429
-7.0%
118
131
-9.9%
1,870
1,837
+1.8%
20
13
+53.8%
332
328
+1.2%
260
275
-5.5%
3,914
3,659
+7.0%
20
20
0%
399
432
-7.6%
17
23
-26.1%
309
298
+3.7%
39
30
+30.0%
403
462
-12.8%
60
69
-13.0%
855
871
-1.8%
40
43
-7.0%
657
674
-2.5%
76
101
-24.8%
1,206
1,260
-4.3%
TOTAL - DMAAR MLS (all cities)
1,032
1,020
+1.2%
14,763
14,067
+4.9%

 

City
12/2017
Avg Sale Price
12/2016
Avg Sale Price
Avg Sale Price
% Change
12/2017
Median Sale Price
12/2016
Median Sale Price
Median Sale Price
% Change
235,322
197,159
+19.4%
225,500
201,500
+11.9%
277,929
259,368
+7.2%
268,950
235,000
+14.4%
312,135
270,877
+15.2%
265,700
275,000
-3.4%
140,831
137,125
+2.7%
124,950
122,900
+1.7%
245,796
262,163
-6.2%
235,200
245,500
-4.2%
224,192
188,848
+18.7%
191,000
174,000
+9.8%
287,643
262,889
+9.4%
269,558
250,500
+7.6%
281,512
271,341
+3.7%
242,500
222,500
+9.0%
306,634
280,833
+9.2%
299,964
273,400
+9.7%
262,006
253,689
+3.3%
234,550
213,000
+10.1%
TOTAL - DMAAR MLS (all cities)
216,687
208,680
+3.8%
189,900
180,740
+5.1%

 

 

City
12/2017
Days on Market
12/2016
Days on Market
Days on Market
% Change
122.6
81.2
+51.0%
118.8
104.2
+14.0%
118.2
79.3
+49.1%
77.2
73.7
+4.7%
147.5
100.3
+47.1%
105.3
98.3
+7.1%
133.2
91.8
+45.1%
109.0
87.4
+24.7%
127.2
155.0
-17.9%
98.7
87.2
+13.2%
TOTAL - DMAAR MLS (all cities)
100.0
94.0
+6.4%

Data courtesy of the Iowa Association of REALTORS and the Des Moines Area Association of REALTORS. All rights reserved.

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