West Des Moines Condo & Town Home Sale Prices Near 10 Year Low
Despite the federal tax credit extension in 2010, the 290 condo and town home units sold so far this year in West Des Moines represent the second lowest sales level in the past decade. It looks like 2010 sales will finish down approximately 20% lower than a year ago and more than 40% lower than the market peak in 2005. 2008 was the worst year of the decade, with only 266 sales reported.
West Des Moines Condo & Town Home Units Sold 2001-2010
Of course, with fewer sales come lower sale prices. The average sales price of a West Des Moines condo or town home so far this year is $135,000, a reduction of 8% compared to a year ago and down 14% compared to the peak year of 2006, when sale prices averaged more than $157,000. You have to go back to 2001 to find a lower average sales price.
West Des Moines Condos and Town Homes Average Sales Price 2001-2010
All that being said, there are indications we are at or near the bottom of this cycle. The average sales price per square foot appears to be stabilizing. Year to date, the average price per square foot for West Des Moines condos and town homes is approximately $104 per square foot, a slight increase from a year ago. That figure represents a drop of 10% from the market peak of $116 per square foot in 2007.
Jay Snyder | RE/MAX Real Estate Group |6600 University Ave. | Des Moines, IA
Licensed to Sell Real Estate in Iowa | 515-771-5562
