Another good month for Cedar Rapids home sales!

The Iowa Association of Realtors June 2012 Housing Trends Report has some reassuring news for anyone looking the list their home for sale. According to the report, home sales were up by 13.1 percent with 3,940 homes sold in June 2012 (compared to 3,485 from June of 2011). Home price averages for Cedar Rapids came in at $179,568 last month, which is up 9.8 percent from 4163,557 in June 2011, according to the Cedar Rapids Area Association of Realtors

The average sale price state wide jumped up 6.8 percent from June 2011 as well, ringing in at $162,402. June 2011’s average sale price was $152,013. In Cedar Rapids alone 456 homes were sold last month, which is up 13.2 percent from 402 homes sold in June 2011.

Another statistic taken into account, besides the number of houses being sold, is how many homes are left sitting on the market at the end of the month. In June 2011 the inventory included 24,915 homes, but at the end of June 2012 there were 21,630 homes which is down 13.2 percent. New active listings decreased by 6.8 percent from May 2012 to June 2012 and pending sales increased by 2.5 percent.

According to Dale Gross, president of the Iowa Association of Realtors, “The number of sales continues to increase year-over-year, as well as month-over-month. Right now the market is healthy at roughly a 7-month supply of inventory. This indicates a nearly balanced buyer/seller market, offering opportunities for parties on both sides of the sales transaction.”

Mr. Gross also states that prices for May and June 2012 are better than those from the same months in 2007, “The average sale price of $162,402 in June set a new all-time high for statewide average sale price.” The previous all-time high was $154,929, which was set back in June of 2008.

These trends are reflected quarterly as well. The second quarter in 2012 shows increases from the second quarter of 2011, notably closed sales increased by 12.2 percent; average sale prices rose 8.2 percent, median sales prices was up 5.6 percent, and the average number of days on the market came down 4.7 percent.

There sure are a lot of statistics used to figure out housing trends. If you have more questions about the Cedar Rapids area or other neighborhoods, let me know. We can certainly find what you’re looking for!