Iowa Home Sales Increased in January

CLIVE, IA (02/18/2011)(readMedia)-- Iowa home sales and prices increased in January, according to the Iowa Association of REALTORS® (IAR).

IAR's January 2011 Housing Trends Report shows that home sales increased by 7.5 percent from last year. IAR reports 1,398 homes sold in January 2011, while 1,301 homes sold in January 2010. The average sale price in January increased by 0.9 percent from last year at this time. The average sale price of homes was $132,368 in January 2011, and $131,247 in January 2010. The average number of days on the market last month was 124 days, up 19 days or 18.1 percent from last January.

"REALTORS® from across the state are reporting a strong start to the new year with more calls and activity in their local markets," says Kurt Schade, president of the Iowa Association of REALTORS®. "We continue to hope the increased activity will lead to greater stability in the market in the first quarter and throughout 2011."

Twenty-seven of Iowa's 44 local boards reported increases in the number of homes sold from last January. In addition, 22 boards reported increases in the average sale price of homes.

According to the report, the number of new listings that came on the market in January 2011 is down slightly from last year, while the number of pending listings remained similar to this time last year. There were 4,436 new listings and 1,890 pending listings in January 2010, and 4,026 new listings and 1,827 pending listings in January 2011.

"This is a good sign that could indicate the excess inventory is starting to clear from the market," explains Schade. "We'll have to wait for future months to see if this trend holds."

The information used to create the January 2011 Housing Trends report was current as of Feb. 11 at 3:00 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.