February’s real estate activity remained steady according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 14.2 percent over February 2020. Home sales increased just over 1 percent in February 2021 when compared to sales in February 2020.
2,337 homes sold in February 2021 with new properties coming on the market dropping 18.3 percent compared to new listings in February 2020.
The median sales price for February 2021 came in at $177,000 compared to $155,000 in February of last year.
The number of homes available for sale continues to be low in many price ranges. Our inventory of homes was 36.9 percent lower than in February 2020 with only 8,170 homes on the market statewide.
Homes sold very quickly in February at an average of 55 days on the market. That is almost 30 percent faster than February of 2020.
“Mortgage rates did rise a little in February, but remain below their February 2020 levels. Many economists still expect rates to remain in the low 3 percent range this year. We are hoping for a warm Spring for good conditions for home building and increased interest from sellers as the pandemic slowly wanes and more Iowans are vaccinated. We continue to see multiple offer situations and homes going under contract within just a few hours or days of being listed on the market. We encourage anyone looking to buy or sell a home to make sure you look for the expert guidance of a Realtor®,” stated IAR President Jen Burkamper.
VIEW DETAILS OF STATEWIDE MARKET REPORT FOR FEBRUARY
View the Detailed PDF Report on Statewide Statistics
VIEW HOUSING MARKET REPORTS BASED ON AN IOWA COUNTY
View Reports on Single-Family homes
View Reports on Townhouse-Condo homes.
The information used to create the IAR February Housing Trends Report was current as of March 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 7,900 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: National Association of REALTORS®, Iowa Association of REALTORS, National Association of Home Builders.