Iowa Home Sales Drop in March, Prices Rise

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In real estate sales terms March did not come out like a lion. Home sales dropped 14.2 percent while prices rose 6.9 percent. 

2,868 homes sold in March 2018 compared to 3,343 homes sold in March of last year. Year-to-date sold numbers are only down 5.5 percent. 

The median sale price for March was $155,000 compared to $145,000 in March of 2017. 

Homes continue to sell at a pace similar to last year. The average days on market for properties sold in March was 92 days. In March of last year it was 93 days. 

“March was a tough month in Iowa. The unseasonably cold weather certainly contributed to the drop in sales. We are hoping nicer conditions in April and May will help our buyers and sellers to a strong Spring selling season finish. Mortgage rates are still relatively low and it is a great time to consider selling or buying your next home. Our year-to-date numbers are only 5.5 percent off of last year’s pace, so there is still plenty of time for our market to bounce back,” stated IAR President Mark Kamps. 

The information used to create the IAR March 2018 Housing Trends Report was current as of April 27, at 1:00 p.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in 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. Data is collected from local Realtor® boards through their multiple listing service (MLS), which tracks sales activities in the board area. IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.

For more information, please contact Mark Gavin, Director of Communications at the Iowa Association of REALTORS - mark@iowarealtors.com or 515-309-9345.