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Home Sales Increase Despite Lack of Homes on the Market

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March’s real estate activity was busy and competitive according to the Housing Trends by the Iowa Association of REALTORS® (IAR). Median sales price rose 5.9 percent over March 2020. 

 Home sales climbed 6.5 percent higher in March 2021 when compared to sales in March 2020. 

3,277 homes sold in March 2021 with new properties coming on the market dropping 8.7 percent compared to new listings in March 2020.  

The median sales price for March 2021 came in at $180,000 compared to $170,000 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 36.7 percent lower than in March 2020 with only 8,574 homes on the market statewide. Homes continue to sell quickly in March at an average of 54 days on the market. That is 27 percent faster than March of 2020.

“March numbers continue to show the challenges that buyers are experiencing in the market right now. There just aren't not enough homes for sale to meet the buyer demand. Although homebuilding activity is increasing the cost of lumber and a backlogged supply chain continue to limit new home construction and have increased costs substantially. As Iowa continues to recover from the pandemic, we are hopeful that we will see an increase of homeowners looking to sell their homes and alleviate some of the shortage of available homes. Preparation and expectations are the keys to navigating this market and it is more important than ever for both buyers and sellers to seek the advice and guidance of a Realtor Professional." IAR President Jen Burkamper stated. 

VIEW DETAILS OF STATEWIDE MARKET REPORT FOR MARCH

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 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 7,900 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®, Iowa Association of REALTORS, National Association of Home Builders, ShowingTime.