WASHINGTON, D.C. – April 20, 2015 – (RealEstateRama) — Springtime usually brings increased activity in the housing market as the weather improves. Home prices are rising while homes are selling faster than last year.
According to the Iowa Association of REALTORS® (IAR) March 2015 Housing Trends Report, home sales rose by 17.3 percent when compared to last year at this time. 2,870 homes were sold last month in comparison to 2,446 homes in March 2014.
Listing Activity March 2015
“With the improved economy and the warm weather this spring, Iowa buyers and sellers were very active in March. The six largest market areas experienced double digit percent increases in home sales. The number of homes for sale is low in many areas which results in multiple offers on a home,” said IAR President Jon Yocum.
Home prices continue to climb. The median sale price in March in 2014 was $124, 500. Median price for last month was $135,000 reflecting an 8.4 percent increase.
Sold Price March 2015
Days on market dropped to 92 last month. In March of 2014, it took an average of 101 days to sell a home. This is the third consecutive month of faster home sales when compared to the previous year.
First Quarter Statistics
The first quarter of 2015 showed increased activity over last year. With a slightly slow start in January, home sales and home prices picked up in February and March.
The number of sold properties rose 10 percent when compared to the first quarter last year. 6,865 homes sold in Q1 of 2015 compared to 6,239 sold in 2014.
First Quarter 15 Listing Activity
The median home price in Q1 increased by 7.4 percent rising from $121,000 in Q1 2014 to $129,900 in the first quarter of this year. Days on market also decreased by 8 days from 100 days in the first quarter last year to 92 days in Q1 2015.
“Overall the Iowa housing market is in very good condition. With the need for more homes on the market, it is a great time for homeowners to consider selling. With low interest rates and a variety of lending and homeownership programs, it is also a great time to buy,” stated IAR President Jon Yocum.
The information used to create the IAR 2015 March Housing Trends Report was current as of April 10 at 8:00 a.m. The information used to create the IAR Quarterly Housing Trends Report was current as of April 16 at 2:40 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.
For additional information please contact Mark Gavin, Director of Communications and Events at mark (at) iowarealtors (dot) com #
by Mark Gavin