Spring is in the air, and :”For Sale” signs are popping up across the state of Iowa, as the housing market saw upticks in several metrics measured by Iowa REALTORS® in March.
“The typical spring housing market, complete with a nice upswing in inventory, appears to have taken root across the state of Iowa last month.” Shaner Magalhães, IAR president, said. "As we continue to prepare for busier months ahead, those looking to jump into the market would be wise to begin talks with their REALTOR®.”
Inventory saw a marked increase in both new listings and overall available homes in March. New listings accounted for 3,740 homes, an 8% increase from one year ago and a 24% increase from the 3,003 homes that joined the market in February. Overall, Iowa saw 6,247 homes on the market in March, an increase of 28.3% from the same time last year.
Despite the blooming inventory in Iowa, sales faltered slightly. Home sales fell 8.5% year-over-year, with 2,396 homes sold in March compared to the 3,075 sold last year. Monthly metrics realized the opposite, jumping 38.4% from the 1,731 homes sold in February.
Pending sales made a similar drop in March; a 7.8% decrease with 2,835 pending transactions compared to 3,075 pending sales of last year. Monthly, pending sales jumped 15% from 2,463 pending sales recorded in February.
Days on the market also saw an increase of 7.7% from 52 days in March 2023 to 56 last month. The figures were unchanged from February.
The median sales price jumped 7.1% in March to $225,000 from the $210,000 median price of last year.
Townhouses and Condos
The townhouse and condo market saw slight dips in all measured metrics, with the exception of days on the market.
The number of townhomes and condos joining the market in March fell 4% to 569 listings, compared to the 593 that joined last month. Overall, inventory still outpaced that of 2023, with 1,449 townhomes and condos on the market compared to the 1,230 listed last March.
Closed sales decreased 5.5% in March with 361 properties sold compared to the 382 sold in 2023. Monthly, the number jumped 78% when compared to the 202 properties sold one month prior.
Pending sales also saw a decrease, 2.3%, with 425 pending sales recorded in March, compared to the 435 sold one year ago. Again, the monthly figures paint a different picture, seeing a 17% jump from the 362 pending sales of February.
Days on the market increased to 73 days in March from 62 days last year. Median sales price remained flat at $240,000.
“The first month of spring ushered in more optimism in the Iowa housing market,” Les Sulgrove, statewide housing analyst, said. “After seeing rather stagnant changes in metrics over the last year, we’ve started to see an uptick of new listings, thanks to stable interest rates and a desire by homebuyers and sellers to jump into the market. Now is the time to prepare for your next move by working to get pre-approved and sharing your housing needs with a trusted REALTOR®.”
The information used to create the IAR February Housing Trends Report was current as of April 20. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is based on data from the 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 8,200 members and affiliates. The IAR releases a Housing Trends Report each month.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.