Home Sales and Prices Still Climbing, Both Up in January

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Sales increased throughout 2012 while new listings remained constant. As a result, inventory fell steadily throughout the year. As of Jan. 2013 the statewide inventory is 5.9 months supply.

CLIVE, IA (02/14/2013)(readMedia)-- According to the Iowa Association of Realtors® (IAR), Iowa home sales have increased in 18 of the last 19 months. January continued this trend with sales up more than 14 percent from last year.

IAR's January 2013 Housing Trends Report shows that home sales climbed 14.7 percent as 1,898 homes sold/closed in January, compared to the 1,655 homes that sold/closed in January 2012. Twenty-eight of the 44 local Realtor® boards in Iowa reported increases in sales.

Prices increased in January as well, as the median sale price jumped 7.3 percent from last year. The median sale price increased by $7,851 from $108,199 last January to $116,050 last month. Twenty-eight local Realtor® boards had increases in median sale price. Average sale price was up as well, with a 6.3 percent increase from last year at this time. Average sale price was $136,183 in January 2013 and $128,131 in January 2012.

The average days on the market was 102 days, down 12 days or 10.5 percent from January 2012. Twenty-seven local boards had decreases in average days on the market.

2013 started out strong with another solid month of sales and prices in January, says Don Marple, president of the IAR. "We continue to see a great deal of activity in the market, and expect that to increase even more as we move into the spring and summer months, which are historically busier times of the year in the real estate industry."

"Increased sales paired with steady listings in 2012 resulted in a decreased inventory, a situation that we haven't seen in awhile," continues Marple. As of January 2013, the statewide inventory of homes on the market was 17,234, down 19 percent from January 2012. "This level represents 5.9 months supply of inventory, which indicates a pro- sellers market situation," he explains. "Potential sellers who have been watching the market and waiting, may want to consider listing their home now."

On another note, Marple adds that Realtors® continue to fight for property owner rights. "We are happy to share this good news about the Iowa housing market on the heels of our annual visit to the state capitol," he says. On February 12, more than 300 Realtors® from across the state convened in Des Moines to visit with state legislators about issues that may impact Iowa property owners, including property tax reform, radon testing and others, he explains. "IAR will continue to monitor and discuss these issues here in Iowa as well as in Washington, D.C., as defending home ownership remains one of our highest priorities."

Marple reminds buyers and sellers that real estate is local and to contact a local Realtor® for more information on the market in their community.

The information used to create the IAR January 2013 Housing Trends Report was current as of February 13 at 11:00 a.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 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 6,200 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.