Home Sales and Prices in Iowa Rose Again in September

Press Release posted by Mark Gavin | Oct 21, 2013

CLIVE, IOWA (Oct. 21, 2013) – According to the latest housing report from the Iowa Association of Realtors® (IAR), home sales and prices continued to follow the upward trend again in September.

The September 2013 Housing Trends Report showed that sales rose 7.1 percent from this time last year. A total of 3,020 homes sold/closed this September, while only 2,819 homes sold/closed in September 2012.

The median sale price increased by 6.4 percent, rising from $125,000 in September 2012 to $133,000 this year. The average sale price also went up 3.9 percent. The average sale price was $148,158 in September 2012 and $153,890 in September 2013.

Days on the market were down by 15 days, or 16 percent. The average number of days on the market in September 2012 was 94 days, while the average in September 2013 was just 79 days.

Although new active listings increased by 11.7 percent in September, the statewide inventory of homes on the market still decreased 4.5 percent from last year. Inventory was 20,982 in 2012, and 20,039 in September 2013. Last September there were 4,270 new active listings, while there were 4,770 new active listings this September. The months’ supply of inventory (MSI) was 6.5 months, down 12.2 percent from last year.

“Due to the high number of pending sales we had during the summer, the September numbers are consistent with what we expected,” said Don Marple, president of the Iowa Association of Realtors®.

“September marked the end of the third quarter, which looked good overall as well,” added Marple. IAR reports that sales and prices were up in Quarter 3 (Q3) 2013 when compared to Q3 2012.

graph 10-23-13Closed sales were up 11.7 percent for the quarter, as 10,002 homes sold/closed in Q3 2012 and 11,171 homes sold/closed in Q3 2013. There was a 6.6 percent increase in the median sale price from Q3 2012 to Q3 2013. The median sale price in Q3 2012 was $129,500 while the median sale price in Q3 2013 was $138,000. The average sale price increased by 7.8 percent, jumping from $150,349 in Q3 2012 to $162,038 in Q3 2013. Days on the market saw the biggest change, dropping 19.8 percent from 96 days in Q3 2012 to 77 daysthis quarter.

“Year-over-year for the third quarter, 2013 had the highest number of sales since the third quarter of 2005,” says Marple. “Along with the good news of increased sale prices, the significant decrease in days on the market illustrates that the trend of upward pricing is sustainable in our current market,” says Marple.

graph2 10-23-13The information used to create the IAR September 2013 Housing Trends Report was current as of October 14 at 11:30 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®. This year marks the 100th Anniversary of the Code of Ethics.

The Iowa Association of Realtors® is the state’s largest real estate professional organization representing nearly 6,200 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.

Follow me on FACEBOOK!