July 2018 Des Moines area high priced homes report

July closings of luxury homes priced over $700,000 on the Des Moines MLS ramped up last month with 9 closed vs. 5 closed in June. Pendings rose also from 13 in June to 18 in July. July is traditionally the month when sales fall month over month but sales in this category bucked the trend of the overall market jumping 80% from the previous month.  Active listings were up 8 from 95 at the end of  June to 103. Overall the category added 26 listings in the month either newly active or coming back on the market. 

With 103 units active at the end of the month there was an 11.4 months supply at July's sales pace which would indicate the buyer's market for luxury homes in the Des Moines area has moderated but continues into an 8th month in August with plenty of choices remaining.

Waukee and Des Moines West led the metro in closed sales with two units each. West Des Moines remianed the metro inventory leader with the largest number of listings at 19 active for the 2nd straight month and  5 pending, followed by Ankeny with 13 active and 2 pendings, Urbandale with 12 actives and 1 penmding, Norwalk with 10 active and 2 pending, Johnston with 10 actives, and Clive with 9 actives and 2 pendings.

The highest priced home sold was 210 Foster Dr. which settled for $1,225,000, working out to $274 a square foot. The second highest sale was 10510 NW 75th Pl In Johnston which closed at $1,075,000 down $270,000 from the list price of $1,345,000 after being on the market a cumulative of 587 days and settling at $237 sqft. The highest pending was 34450 Red Oak Ln at the last listed price of $1,745,000 and $368 a sqft, followed by 1738 S 40th Ct in West Des Moines at $1,636,000 and $368 a sqft and going pending after only 4 days on market. The $700,000 to $800,000 category was the most active again with 6 sold and 9 pending.

Average days on market were Active: 167, Pending: 120, and Sold: 85, indiciating a quickening of the market cycle last month in this category. 

The dollar value of inventory fell in July from $106,991,664 from $103,067,259 in July, reflecting a about a 4% decline. Twenty Des Moines MLS areas saw no sales for the month. Inventory continues to build slightly as we work through the third quarter of the year but July saw the best month for sales all year. New contruction  listings made up 33% of pending sales and appx. and about 12.7% of all current actives. Recent data also show that for the past year new construction builds have pretty consistently been about 30-40% of all MLS sales.

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.