April 2018 Des Moines area high priced homes report

Closings of luxury homes priced over $700,000 on the Des Moines MLS sprang to life in April rising 350% to from 2 closed in March to 7 for the month of April. Pendings gained momentum in April also jumping from 7 to 20.  Inventory rose in April as well but more slowly moving from 69 units 76 for a 9% gain month on month.

While the percentage increase was impressive the volume should seem underwhelming to the luxury home seller. With 76 active at the end of the month there was an 11 months supply at April's sales pace which would indicate the buyer's market for luxury homes in the Des Moines area stubbornly persists with supply remaining appx 30% above the trend of 8.6 months of inventory on average for 2017. 

West Des Moines led the metro in luxury sales for the third month in a row with 4 closed sales followed by Johnston, Norwalk and Des Moines West with one each. West Des Moines also led with the largest number of listings at 18 active, and 4 pending, followed by Urbandale with 10 active, and 6 pending, Johnston with 9 active, 1 sold and 1 pending, Waukee with 9 active and 2 pending then Norwalk with 8 active, 2 pending.  Ankeny came in at 5 active and 1 pending slowing from its relatively stronger start to the year followed by Clive with 5 active and 2 pending.

The highest priced home sold was 321 37th St Dr in Des Moines which sold for $1,100,000 . The highest pending was again 3555 Oakmont Court in West Des Moines at the last listed price of $1,795,000. The $725,000 to $850,000 category was the most active with 5 sold and 11 pending.

The dollar value of inventory rose from $76,666,251 to $82,731,483 reflecting an 8.4% gain. Eight Des Moines MLS areas with homes above $700,000 saw no sales for the month. It seems like we're seeing a normal inventory build for spring but with less than robust sales to work it down. There may also be shadow inventory of avilable lots awaiting a luxury build out if the right buyer comes along, which if accurate would further keep a lid on sales velocity. There is some evidence for this in the number of 24hr sale of BTO homes in this price category.

If you need your home to stand out in this market or if you're planning to buy a luxury home this year I can help. Please call or text me at 515-988-3726 for a consultation today.