Iowa Housing Prices Remained Even, Sales Slowed in February

CLIVE, IA (03/22/2011)(readMedia)-- The most recent housing statistics from the Iowa Association of REALTORS® (IAR) show that home prices across the state remained even in February, while the number of sales slowed slightly.

According to IAR's February 2011 Housing Trends Report, the average sale price statewide decreased a mere 0.2 percent from last year at this time. The average price of homes in Iowa was $129,981 in February 2011 and $130,278 last February.

The number of homes sold across the state in February was down 3.3 percent from last year. IAR reports 1,484 homes sold last month, while 1,535 homes sold last February. The average number of days houses spent on the market this February was 122 days, up 13 days or 11.9 percent from February 2010.

"Although sales are down slightly from last year at this time, overall sales in 2011 are just ahead of last year," explains Kurt Schade, president of the Iowa Association of REALTORS®. "Year-to-date sales are 2,911 for 2011, and were 2,836 for 2010."

According to Schade, some areas of the state, including Keokuk, Montgomery County, Northeast Iowa and Mt. Pleasant, reported substantial increases in sales last month. "Real estate markets are completely local, so while we saw significant improvement in some parts of the state, others are still lagging behind. We hope to see a balance in stability across the state soon. We expect activity statewide to pick up in the spring, as it typically does each year."

Seventeen of Iowa's 44 local boards reported increases in the number of sales compared to last year at this time, while 29 boards had increases in year-to-date sales in 2011 when compared to 2010. Also, 22 boards showed increases in the average sale price of homes and 16 boards reported decreases in the number of days on the market compared to last year.

The information used to create the February 2011 Housing Trends report was current as of March 10 at 4:00 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. Boards not yet reflected in the statewide statistics include Burlington and Ft. Dodge.

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.