Fourth Quarter Market Progresses Nicely

The new construction market continues to progress nicely in the 4th quarter. September sales were down 10.3% from the previous month, but were up 7.7% over the same quarter last year. September pended sales were down 26.1% over the previous month, but pended sales were up 4.2% over the same quarter last year.

The average sale price of a new construction home in September was $318,000, which is up $12,000 from last year! The average price per square foot for the month of September was $184, compared to $178 per square foot last year at this time.

The overall new construction market had 860 single-family homes for sale in the month of September, compared to 828 homes at this time last year. That’s an increase of 3.9% and works out to 6.3 months of inventory based on closed sales and 8 months of inventory based on pended sales.

For single-family homes, the average price was $331,000 in September, which is up $15,000 from last year. The average price per square foot for the month of September was $187, compared to $178 per square foot last year at this time.

In the multi-family new construction market, 216 units were for for sale in the month of September, compared to 183 homes at this time last year. That’s an increase of 18% and works out to 8 months of inventory based on closed sales and 16.6 months of inventory based on pended sales.

The average sale price of a new construction multi-family unit was $237,000 in September, which is down $20,000 from last year. The average price per square foot for the month of September was $160, compared to $176 per square foot last year at this time.

The top five single-family areas for YTD Pending and Closed sales were Ankeny, Waukee, Grimes, West Des Moines, and Bondurant, while the top five multi-family areas were Ankeny, Waukee, Johnston, Grimes, and Norwalk.

For more detailed information on the New Construction Market data, please feel free to contact me!