May’s housing market in Iowa continued its frenetic pace. Homes sold in 41 days on average, which set a new record. Additionally, sales rose over 11 percent from May 2020 according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 8.2 percent over May 2020.
Home sales climbed 11.3 percent higher in May 2021, with 4,196 properties sold.
The median sales price for May 2021 came in at $199,000 compared to $184,000 in May of last year.
The number of homes available for sale remains low in most price ranges. Our inventory of homes was 30 percent lower than in May 2020 with only 9,171 homes on the market statewide.
Homes sold at a record pace in May at an average of 41 days on the market. The bulk of the sales were single-family detached homes that were selling in 39 days. Townhouses or condos were selling slightly slower at an average of 53 days on the market. That is almost 34 percent faster than May of 2020.
“May’s activity set two records in Iowa. The percent of list price received was 99.6 percent. This ratio shows the difference in the final sale price when compared to the original or list price. This average of 99.6 percent shows that many homes are actually selling over the list price due to high demand for properties and lack of homes available for many price points. This stat shows the importance of having a professional REALTOR representing the buyer and seller in this fast-moving market. Those multiple offer situations are driving up the final sales price of the home,” stated IAR President Jen Burkamper.
“We’re hopeful more properties will come on the market this summer to help with our strong buyer demand in Iowa. Iowa gained more national attention last week when it was named to the top 10 of Best States to Live In by WalletHub. Iowa ranked #1 in low housing costs, and ranked high in other areas including education and health,” continued Burkamper.
VIEW DETAILS OF STATEWIDE MARKET REPORT FOR May
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 May Housing Trends Report was current as of June 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, ShowingTime.