March’s real estate sales remained steady according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 13.1 percent over March 2021.
March’s home sales increased at less than 1 percent when compared to sales in March 2021.
3,371 homes sold in March 2022. While new properties on the market showed a nice increase from February, new properties were 7.2 percent lower when compared to new listings in March 2021.
The median sales price for March 2022 was $203,500 compared to $180,000 in March of last year.
The number of homes available for sale continues to be low in many price ranges. Our inventory of homes was 14.4 percent lower than in March 2021 with only 7,336 homes on the market statewide.
Homes sold very quickly in March at an average of 43 days on the market. That is 20 percent faster than March of 2021.
“We are seeing a gradual increase in homes on the market from our historic lows back in January. We’re hopeful that as the weather improves in April and May we will see a nice boost in new construction. Buyer demand appears to be strong despite the mortgage interest rates slowly rising. While the interest rates are increasing, we are still seeing rates in the low to mid 5 percent range which is still quite affordable compared to mortgage rates 20 years ago. With the expectation of a busy market over the next few months, we encourage potential buyers and sellers to work with a Realtor® to be their professional guide through the fast-paced market of multiple offers,” stated IAR President Byron Menke.
View Details Of Statewide Market Report For March
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The information used to create the IAR March Housing Trends Report was current as of April 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 8,000 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® - firstname.lastname@example.org or 515-309-9345.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.