Market Trends for 2014 Show Home Values Rising with Sales Steady in the Cedar Rapids Area

PRESS RELEASE– 2014 Home Prices in Iowa continued to rise this year according to the official yearly housing trends released by the Iowa Association of REALTORS®. The median sale price improved 1.5 percent. The median price was $134,000 compared to $132,000 in 2013.

“It is great news to see home values on the rise. This is the third consecutive year with an increase in home prices.” stated IAR President Jon Yocum.

SHANNONHome Sales remained steady when compared to last year.  Sales dipped by less than .4%.  37,783 homes sold in Iowa in 2014. In 2013, sold properties totaled 37,930. For the month of December, home sales were up 4.8 percent and pending sales were up 8.2 percent. This improvement coupled with low interest rates bodes well for a good start to 2015.

Homes sold slightly faster than in recent years. The Days on Market dropped to 86 in 2014 from 88 in 2013. This is the lowest number we have seen in 9 years.

The total inventory of homes is down 2.4 percent. At the end of December there were 17,106 homes on the market in contrast to 17,525 homes at the end of 2013.

The month’s supply of inventory (MSI) is holding steady at 5.2 months.  MSI is the number of months it would take to clear the existing inventory from the market, based on the average number of sales over the last 12 months. 6 months is considered a neutral market. Our current market conditions favor home sellers; however, current low interest rates make it a great time to be a buyer as well.

“Overall 2014 was a good year for real estate. With home values rising, low interest and strong December numbers, we look forward to a great start to 2015,” Yocum summarized.

Iowa and several of its cities made many top 10 lists for livability, starting a business, reasonable housing prices and retiring.  “All the national attention Iowa received in 2014 only confirms what many of us already knew – Iowa is a great place to live,” said IAR President Jon Yocum.

As intimidating as the home buying or selling process looks, that IS the reason you call Shannon Feuerbach. I make all of the paperwork understandable and the home buying or selling process easier. Not only will all the necessary forms be explained, but your home will be priced right for the Cedar Rapids housing market. I use proven marketing plans and create outstanding campaigns customized for your home. Once you list with me, the path to sell your home will have gotten so much easier.

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**All information provided by the Iowa Association of Realtors.