New Construction Market Remains Strong as the Year Ends
As 2017 comes to a close, the new construction market remains strong with inventory levels up from 2016.
November closed sales were down 1.7% from October but up 14.4% from November 2016. November pended sales were down 15.8% from the previous month but up 13.9% from November of 2016.
There were 1,324 new construction homes for sale in November, which is down 0.2% from October and up 13.2% from last year.
The average sale price of a new construction home in November was $327,000, which is down $14,000 from last year at this time. The average price per square foot for the month of November was $189, compared to $191 per square foot last year at this time.
The new construction market had 1,037 single-family homes for sale in the month of November, compared to 930 homes at this time last year. That’s an increase of 11.5% and works out to 7.1 months of inventory based on closed sales and 9.9 months of inventory based on pended sales.
For single-family homes, the average price in November was $350,000, which is down $4,000 from last year. The average price per square foot for the month of November was $191, compared to $194 per square foot last year at this time.
In the multi-family new construction market, 279 units were for sale in the month of November, compared to 229 homes in November of 2016. That’s an increase of 21.8% and works out to 9.6 months of inventory based on closed sales and 16.4 months of inventory based on pended sales.
The average sale price of a new construction multi-family unit was $260,000 in November, which is up $8,000 from last year. The average price per square foot for the month of November was $180, compared to $178 per square foot last year at this time.
The top new construction metro markets for single-family homes are: Ankeny, Waukee, Bondurant, West Des Moines and Grimes.
The top new construction metro markets for multi-family homes are: Ankeny, Johnston, Norwalk, Waukee, and Des Moines.
Interest rates are still holding steady as we move forward into 2018. For more detailed information on New Construction Market data, feel free to contact me!