Iowa home sales were steady in 2018, while median sales price climbed 3.9 percent over last year according to the December and 2018 Year-End Housing Trends by the Iowa Association of REALTORS (IAR).
Median sales price of $161,000 was 3.9 percent higher than in 2017. Sold homes dipped slightly at just under 1 percent from 41,755 in 2017 to 41,387 homes in 2018.
All year long, homes sold at a fast pace with the average days on market of 64, which is 16.9 percent lower than 2017.
For the majority of the year, the inventory of homes in Iowa was only slightly better than in 2017. However, when looking at single-family detached homes, the inventory was lower in 9 out of the 12 months in comparison to 2017. Townhouse-condo properties offset that number with a higher percentage of inventory each month in 2018 when compared to 2017.
“In 2018, several national publications citing record low unemployment, low cost of living and favorable affordability of housing, have stated what Iowans have known for years. Iowa is a great place to live. When comparing 2018 statistics to the previous year, there is a remarkable mixture of stability, growth and confidence. New listings, total listings and number of sales are within 1% of the previous year. Properties sold more quickly, shaving two weeks off the typical market time. To get a better idea of the stats in your town or metro area, please contact a local Realtor,” stated John Goede, IAR President.
The information used to create the IAR December and Year-End 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 7,200 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