Iowa Home Prices Continue Upward Trend and Sales Up Slightly in First Quarter
Washington, D.C. – (RealEstateRama) — Home Sale prices rose 4.2 percent in First Quarter of 2016 and homes sold were up 1.7 percent over this period compared to last year.
According to the Housing Trends Report by Iowa Association of REALTORS®, the median sale price for the first quarter of 2016 was $135,500 as compared to $130,017 in the first quarter of 2015.
The days on market (DOM) increased by only 1 day from last year. The average days on market in the first quarter of this year was 92, while DOM was 91 in 2015.
Inventory of available homes for sale continues to be an issue in many metro areas in Iowa. In March of this year there were 14,264 homes on the market with 17,319 homes available in March of 2015. This is a 17.6 percent decrease from last year.
“Due to the high demand and limited inventory in some price ranges, it is important for sellers to have a Realtor® to guide them through the process of multiple offers. Multiple offers are common. Buyers must be pre-approval with financing in order. Then they will be able to move quickly to purchase the home they want. We have heard of many cases of homes with four or more offers within the first few days of it being on the market.” stated IAR President Ken Clark.
The information used to create the IAR March and First Quarter 2016 Housing Trends Report was current as of April 13, 2016 at 8:00 a.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 6,700 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 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.
Spurce: Iowa Association of REALTORS
