January 2018 Des Moines area high priced homes report

By
Real Estate Agent with RE/MAX Concepts

This is a monthly report that focuses on sales of residential properties priced $700,000 and over on the Des Moines MLS in the cities of Altoona, Ankeny, Bondurant, Booneville, Clive, Cumming, Dallas Center, Des Moines, Grimes, Indianola, Johnston, Norwalk, Runnels, Pleasant Hill, Polk City, Urbandale, Van Meter, Waukee, West Des Moines and Windsor Heights.

It sure seems like there are a lot of choices available in this category right now with 64 active listings, 6 pendings and only one closed sale in January. That figure amounts to roughly a 64 months supply at current inventory levels! The phrase "ice cold" comes to mind to describe this market segment. Through 2017 there was an average of appx 8 sales per month or 95 for the year so if we use that as a benchmark instead we'd come out with about an eight months supply which would still indicate a buyers market even at a more rapid sales pace. The lack of sales could be attributable to the colder than average weather we've been experiencing, the season or the timing of closing. 

The largest inventory number of available listings are in Norwalk with 10 actives and no pendings. The area saw only 7 sales last year so they have more than a year's supply on hand. West Des Moines also has 10 actives but they saw 28 sales last year so that equates to only about 4.3 months of inventory which indicates a balanced supply (between 3-6mos). Determining absorption can be tricky here though because a not insignificant number of homes will be built to order or BTOs. Inventory available but not on the market is called shadow inventory and it is inherently difficult to calculate but it appears that 5 properties sold last year fit that criteria.

Urbandale has 8 units available and 13 were sold last year so that works out to 7.4 months of supply vs Johnston with 8 units but only 3 sold in 2017 leaving them with 2.6 years of inventory.

Average days on market was 201 which may not be reflective of true market times, Why? Because if the property was taken off the market and put back on the DOM may only reflect the current listing and with homes of this value taking up to 609 days to sell it's entirely possible. The highest priced home available currently is 13286 NE 56th St in Ankeny listed at $3,500,000, substantially more than last year's highest sale of 1747 Glenleven Terrace in West Des Moines at $1,890,000.

If you're in the market for a home priced $700,000 and higher or if you have one you are considering listing I'd be happy to assist you with your purchase or sale. Thanks for reading and check back next month to see how February 2018 shaped up!

 

Des Moines Area High Priced Home Report January 2018

Homes, Condos-Townhomes, Acreages Priced $700,000 and up

City

# Active

# Pending

# Sold

Altoona

3

 

 

Ankeny

6

1

 

Bondurant

 

 

 

Booneville

 

 

 

Carlisle

 

 

 

Clive

3

 

 

Cumming

1

 

 

Dallas Center

 

 

 

Des Moines E

 

 

 

Des Moines NE

1

 

 

Des Moines NW

 

 

 

Des Moines SE

 

 

 

Des Moines SW

2

 

 

Des Moines West

3

 

 

Downtown

 

 

 

Grimes

 

 

 

Indianola

4

 

 

Johnston

8

 

 

Norwalk

10

 

 

Runnells

 

 

 

Pleasant Hill

 

 

 

Polk City

 

 

 

Urbandale

8

1

1

Van Meter

 

 

 

Waukee

5

1

 

West Des Moines

10

2

 

Windsor Heights

 

 

 

TOTAL

64

6

1

 

Total Value

Average Price

Average DOM

Highest Priced

Months Supply

  $66,211,018

$945,872

 201  $3,500,000  64
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Rainmaker
2,557,405
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

The homes are well price for what I know of this area. It'll be good to see if the market holds up this pace. We shall see.

Feb 13, 2018 11:43 PM #1
Rainmaker
244,586
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

More homes of this value are coming available. 7 sold in February.

Mar 08, 2018 12:15 AM #2
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Rainmaker
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Matt Grohe

Serving the metro since 2003
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