WASHINGTON, D.C. – March 16, 2015 – (RealEstateRama) — The Iowa Association of REALTORS® (IAR) reported that February home prices are up, sales are up and they are selling faster when compared to February of last year.
According to the IAR’s Housing Trends Report, the median sale price increased by 7.5 percent from February 2014. The median sale price in February was $128,916 compared to $119,900 from last year.
Sales rose by 5 percent when compared to February of 2014. 1,877 homes were sold in February 2014, while 1,971 homes were sold last month.
Homes continue to sell faster in 2015 than in 2014. In February of last year the average days on market was 103 days. Homes sold last month were on the market for an average of only 94 days which is an 8.7 percent decrease.
“It is great to see sales and prices both rising. The real estate market in Iowa continues to improve. With the relatively low inventory levels, homes are selling quickly. The pending properties were also up almost 6 percent from last year. With the low interest rates and warmer weather, we expect to have a strong buying and selling season this spring,” stated Jon Yocum, President of the Iowa Association of REALTORS®.
The information used to create the IAR February 2015 Housing Trends Report was current as of February 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 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 over 6,600 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. IAR compiles all 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.
*An error was discovered with the data reporting of the Waterloo-Cedar Falls Board of REALTORS® which is now part of the Northeast Iowa Regional Board of Realtors. The actual number of homes sold in February for the Northeast Iowa Regional Board of REALTORS® was 145 homes. This correction is reflected in the total number of homes sold as noted above.
For additional information please contact Heather Fegan, Marketing Manager at heatherf (at) iowarealtors (dot) com