Home Prices Down Slightly in Iowa

CLIVE, IA (04/20/2011)(readMedia)-- According to the Iowa Association of REALTORS® (IAR), home prices were down slightly and sales decreased in March.

IAR's March 2011 Housing Trends Report shows that the average sale price of homes across Iowa was $127,753, down a mere 1.7 percent from last March. The average sale price was $129,982 in March 2010.

According to IAR, sales decreased by 15.8 percent from last year. IAR reports 2,065 homes sold in March 2011, while 2,452 homes sold in March 2010. Although March shows a greater dip, 2011 year-to-date sales are down by only 5.3 percent from 2010.

Twenty-one of Iowa's 44 local boards reported increases in average sale price, while 11 boards had increases in the number of sales.

The statewide average number of days on the market last month was 121 days, up 7 days or 6.1 percent from last March. Sixteen boards showed a decrease in days on the market.

"It's challenging to compare stats from 2011 to 2010, as sales were unusually strong in the first half of last year due to the tax incentives," says Kurt Schade, president of the IAR. "We are hopeful that activity will pick up in the next few months. Warmer weather is typically a catalyst here in Iowa to get people listing and looking for new homes."

The information used to create the March 2011 Housing Trends report was current as of April 11 at 2:00 p.m. The information is subject to change due to the dynamic nature of the IAR's housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems. The Burlington Board is not yet reflected in the statewide statistics.

The term REALTOR® is a registered trademark, which identifies real estate professionals who follow a strict code of ethics as members of the National Association of REALTORS®. The Iowa Association of REALTORS® is the state's largest real estate professional organization representing more than 7,000 members and affiliates. The IAR releases a Housing Trends Report each month. Data is collected from local REALTOR® boards through their multiple listing service (MLS), which tracks sales activities in the board area. The IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.