Home prices up in Iowa, sales dipped slightly in February

Press release from the Iowa Association of Realtors (IAR), home prices were up substantially in February, while sales dipped slightly.

In its February 2013 Housing Trends Report, IAR reports the median sale price jumped 12.9 percent and the average sale price was up 11 percent.

  • The median sale price was $118,000 this February and $104,500 in February 2012.
  • The average sale price was $141,326 this February and $127,264 in February 2012.
  • Twenty-six of the 44 local Realtor boards in the state reported increases in the median sale price, and 28 had increases in average sale price last month.
  • In addition, the sold/list price ratio rose to 94.6, up 1.3 percent from last year.
  • Sales across the state dropped 2.9 percent from last year at this time with just 55 more homes sold in February 2012 than last month.
  • The report shows that 1,851 homes sold/closed in February 2013 and 1,906 homes sold/closed in February 2012. Twenty-one boards had increases in sales last month. 

The statewide inventory of homes on the market at the end of the month was 17,434, which includes 3,989 new active residential listings. The month’s supply of inventory (MSI) in February was 5.9 months, down 18.5 percent from February 2012 when the supply was 7.3 months. The average days on the market was 104, down nine days or 9.6 percent from last February. Thirty local boards had decreases in average days on the market.

“Both median and average sale prices rose significantly in February, likely due to reduced inventory levels,” Don Marple, president of the Iowa Association of Realtors, stated in a press release. He added that the increased sold price/list price ratio indicates that sellers are receiving offers that are close to asking price. 

Although sales were down slightly in February, overall, year-to-date sales in 2013 are still up 6.7 percent compared to the number of sales for the first two months of 2012.