February homes sales in Iowa increased by 3.8 percent according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Pending home sales climbed to 16.4 percent higher than February 2019.
2,243 homes sold in February 2020 compared to 2,161 in February of last year.
Median sales price came in 2.8 percent higher at $155,000 compared to $150,750 in February 2019.
Homes sold in February were on the market for an average of 77 days which is slightly up from 74 days in February 2019.
The overall inventory of homes rose slightly at 2.8 percent with 12,920 properties on the market.
“New listings rose 24 percent and pending sales were up 16 percent from February of last year. The first two months of the year showed a great start to the real estate market. Typically these types of numbers signal a strong March and April. However, with the coronavirus pandemic reaching Iowa in March, the impact on the real estate market remains to be seen. As the stock market has declined, so have mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly long term. During this unprecedented time of mandated closures and social distancing everyone is trying to work together to do what is best for our clients and our communities. Real estate companies are adopting new procedures and educating agents on recommended practices. The National Association of REALTORS and the Iowa Association of REALTORS continues to provide guidelines for our members and to help them navigate these ever changing times. At this time no one can say what the ultimate impact will be on the real estate market," stated IAR President, Scott Wendl.
VIEW DETAILS STATEWIDE MARKET REPORT FOR FEBRUARY
View detailed statewide market report.
VIEW HOUSING MARKET REPORTS BASED ON AN IOWA COUNTY
View Reports on Single-family homes.
View Reports on Townhouse-Condos.
The information used to create the IAR February Housing Trends Report was current as of March 17. 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: National Association of REALTORS®, Multiple Listing Services in Iowa, ShowingTime, Inc.