Positive News Lingers in Iowa as Homes Sales and Prices Increase

Related Media

Average Sale Price up from $149,063 in 2012 to $158,778 in 2013.

CLIVE, IA (11/14/2013)(readMedia)-- The Iowa Association of Realtors® (IAR) reported today that October home sales and prices were up again compared to the same month last year. This has been a popular trend in Iowa throughout the past year which reflects a strong presence of consumer confidence in Iowa's housing market.

According to IAR's 2013 October Housing Trends Report, the average sale price climbed 6.5 percent from last year. The average sale price was $158,778 in October 2013 and $149,063 in October 2012. Of Iowa's 44 local Realtor® boards, 33 had increases in average sale price.

Sales also rose by 3.2 percent in October, reflecting an increase in overall activity. According to the report, 3,100 homes sold/closed in October 2013, and 3,005 homes sold/closed in October 2012.

When looking at the growth and change Iowa's housing market has seen over the past few years, there's a significant growth in the number of homes sold/closed. In October 2010 were 2,319 and with this years' 3,100 sold/closed homes, that's a jump of 33 percent. Kathy Miller, 2014 President of the Iowa Association of Realtors® reflects on the current market by saying, "Some encouraging observations of market trends that are contributing to our strong marketplace are things like a decrease in Real Estate Owned (REO) properties, less stringent banking guidelines, and an increase in cash buyers."

Inventory showed a 2.2 percent decrease compared to October of 2012. Days on the market also continued to drop by 19.4 percent or 19 days. The average number of days on the market in October 2013 was 79 days, while the average in October 2012 was 98 days.

With a decrease in inventory over the past months and the drop in days on the market, the demand for new listings has increased. Subsequently, the market responded to that demand with 4,580 new listings in October of 2013. That is a 5.7 percent increase over last years' 4,331.

All real estate is local. IAR encourages interested buyers and sellers to contact a local Realtor® for more information on the market in their community. Realtors® are the number one voice for real estate and defenders of home ownership. To find a local Realtor® visit SeeIowaHomes.com.

The information used to create the IAR October 2013 Housing Trends Report was current as of November 14 at 6:46 a.m. The information is compiled from 44 local boards across the state and is subject to change. IAR's housing statistics system is updated hourly based on information present in local participating MLS (multiple listing service) systems. Due to implementing their new reporting system, the Burlington Board of Realtors® was unable to submit their figures.

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 nearly 6,600 members and affiliates. 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.