What Does Ankeny's Condo and Townhome Market Look Like?

You asked for it so, here it is!  The condo/townhome situation in Ankeny is an unavoidable black and blue mark on many residents in Ankeny.  Thankfully many of the townhome and condo developers have taken a break.  Unfortunately the damage can’t be undone so quickly.  We don’t have record numbers for sale right now but the numbers don’t even begin to compare to the mid 2000’s. 

I remember (and please keep in mind this is just my memory) in 2005 when I would see over 400 active condo and townhome listings.  Today, we have a grand total of 137 on the market.  That is a fantastic change.  If these numbers are so far down from previous years, why are the prices still so much lower?  Well, we don’t know how many properties are being foreclosed on or currently be rented by owners who couldn’t afford to sell.  We are also seeing the large condo projects being turned into apartments.  These are some factors that continue to keep the number of listings low and the values down. 

Here is a quick snap shot of Ankeny’s condo and townhome market.

These statistics are pulled from the Des Moines Multiple listing September 26^th, 2012.  I searched the Ankeny area with condo/townhome as my type of property.  These are actively listed, gone pending or sold between 1/1/2012 to present. 

From $50,000 to $100,000 there are 41 currently active, 14 are pending and 113 have sold and closed.  This means that we have a 2.9 month supply of condo/townhomes in this price range.  That is an incredible stat.   Keep in mind these are most likely short sales or foreclosed properties being purchased as investments.

From $100,000 to $125,000 there are 34 currently active, 9 are pending and 42 have sold and closed.  This means that we have a 6 month supply of condo/townhomes in this price range.  This is a balanced market between supply and demand. 

From $125,000 to $150,000 there are 22 currently active, 7 are pending and 24 have sold and closed.  This means that we have a 6.4 month supply of condo/townhomes in this price range.  This is another example of a balanced market. 

From $150,000 to $175,000 there are 12 currently active, 7 are pending and 4 have sold and closed.  This means that we have a 10 month supply of condo/townhomes in this price range.   This is means that we are seeing an oversupply of condo/townhomes in this price range.  The activity is not that high in this price range and that is why it is taking much longer for them to sell.

From $175,000 to $200,000 there are 8 currently active, 2 are pending and 9 have sold and closed.  This means that we have a 6.5 month supply of condo/townhomes in this price range.  Again, there isn’t much activity above $175,000.

From $200,000 to $250,000 there are 13 currently active, 4 are pending and 5 have sold and closed.  This means that we have a 13 month supply of condo/townhomes in this price range.  These priced home sales are few and far between.    

From $250,000 and up there are currently 7 active, 0 are pending and 0 have sold in 2012.  With zero selling this tells me that there are very few opportunities to find a buyer for a condo/townhome buyer over $250,000. 

So this is my breakdown of the condo/townhome market in Ankeny.  I can’t say it enough; the stats do not reflect the values.  Our market has taken a very large hit over the last 5 years.  Hopefully we can continue to see values rise and supply stay down.  There are so many positive things happening in the real estate market and I see so many great things ahead. 

If you would like any further information you can email me at timscheib@gmail.com or call me anytime at (515) 313-7103.  Also, to learn more about me, check out my Patch video profile attached to this blog post. Thanks!

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