Statically speaking, the 2019 New Construction unit sales look to close out the year relatively equal to 2018 closings. But as we all know, there were many factors that played a role in reaching that goal. Some are sustainable and others are not. For now, enjoy the accomplishments of a market that rallied its way back from a first half deficit.
Looking at the overall new construction market as we enter 2019, November closed sales were down 9.9% from October and up 20.6% from November 2018. November pending sales were down 19.1% from the previous month and up 40% from last year at this time.
There were 1,324 new construction homes for sale in November, which is up 4.4% from October and down 10% from last year.
The average sale price of a new construction home in November was $324,000, which is up $1,000 from last year at this time. The average price per square foot for November was $198, which is up $3 from last year at this time.
The new construction market had 945 single-family homes for sale in the month of November, compared to 1,156 homes at this time last year. That’s a decrease of 18.3% and works out to 7.3 months of inventory based on closed sales and 8 months of inventory based on pended sales.
For single-family homes, the average price in November was $341,000, which is up $3,000 from last year. The average price per square foot for the month of November was $203, compared to $201 per square foot last year at this time.
In the multi-family new construction market, 371 units were for sale in the month of November, compared to 307 homes in November of 2018. That’s an increase of 20.8% and works out to 11.2 months of inventory based on closed sales and 17.7 months of inventory based on pended sales.
The average sale price of a new construction multi-family unit was $249,000 in November, which is down $12,000 from last year. The average price per square foot for the month of November was $175, compared to $156 per square foot last year at this time.
The top new construction metro markets for single-family homes are: Ankeny, Waukee, West Des Moines, Norwalk, and Altoona.
The top new construction metro markets for multi-family homes are: Ankeny, West Des Moines, Waukee, Norwalk. and Johnston.
For more information on New Construction Market data, feel free to contact me!