Strong Sales in December helped 2019 finish on a high note according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Sales were up 10.1 percent in December compared to December 2018.
Sales for 2019 rose 1.2 percent with 42,208 home sales compared to 41,716 in 2018.
Median sales price for 2019 calculated 5 percent higher than 2018. The median sales price for 2019 came in at $168,500 compared to $160,500 in 2018. For single-family homes, the median sale price was higher each month in 2019 when compared to the same month in 2018.
Properties sold quickly in 2019 with an average of 63 days on market which was 2 days faster than in 2018.
Slow Growth for Available Homes on the Market
With only 3.7 months supply of inventory, some price ranges are in need of more homes on the market to satisfy demand. Most experts consider a balanced market to be around 5 months supply of inventory. 10 out of the 12 months in 2019 saw a small increase in homes available for sale when compared to 2018.
“2019 finished strong as we saw a higher median price all year, a small increase in homes sold and inventory numbers beginning to rise. The percent list price received was over 97 percent. That means Realtors across Iowa are doing a great job of helping sellers set the right price for their home. The inventory of available homes needs to grow to meet the demand of buyers, which is an issue not only in Iowa, but nationally as well,” stated Scott Wendl, 2020 IAR President.
Top Place to Live
“Iowa continues to receive lots of attention from national media. The state and several of our cities are landing in lists of top places to live for a variety of reasons. Iowa was ranked #1 for housing affordability. Iowa was also first in Best Place to Find a Job. With high marks in education, cost of living and a growing high-tech startup sector, Iowa is an attractive place to work and raise a family,” added Wendl.
National Outlook
On the national and state level, the low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand.
More Iowa Statistics
View detailed statewide market report.
Housing market reports based on an Iowa County.
View Reports on Single-family homes per county.
View Reports on Townhouse-Condosper county.
The information used to create the IAR 2019 Housing Trends Report was current as of January 15. 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 7,500 members and affiliates. The IAR releases a Housing Trends Report each month.
For more information, please contact Mark Gavin, Director of Communications at the Iowa Association of REALTORS® - mark@iowarealtors.com or 515-309-9345
Sources:
Iowa Economic Development Authority,
U.S. News & World Report,
MarketWatch,
National Association of REALTORS® ,
Moving.com