CLIVE, IOWA (Jan. 21, 2014) – 2013 proved to be the fantastic year that Realtors® around the state were anticipating. “It’s great to see that the real estate market is strong once again. The year ended on a positive note and provides an encouraging look into the future,” says Kathy Miller, a 31 year Realtor® veteran and 2014 President of the Iowa Association of Realtors®.
According the Housing Trends Report released by the Iowa Association of Realtors® (IAR), numbers have improved across the board. Sales are up, prices are up, and days on the market (DOM) are down. This is great news for both Realtors® and property owners throughout the state.
IAR reports that closed sales were up again this year, for the third year in a row. Sales increased from 34,842 in 2012 to 37,618 in 2013; which is an increase of 2,748 homes or 7.9 percent. When looking at the historical data, Iowa’s market has clearly bounced back from the crisis in 2008 and is strong. Sales activity went from 32,595 in 2008 to 37,618 in 2013.
The average sale price increased by 5.5 percent; going from $147,563 in 2012 to $155,606 in 2013. The Sales Price/List Price ratio has also continued to improve over the past few years with this year showing a 0.6 percent increase over last year.
Days on the Market (DOM) continued to decrease as well. With the peak at 107 DOM in 2011, this year’s 88 DOM further illustrates the strength of Iowa’s Housing Market.
Miller reminds buyers and sellers that real estate is local and to contact a local Realtor® for more information on the market in their community. She also adds, “The improved real estate market shows that the pride in homeownership has been renewed; which is a good thing for all Iowans”
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 more than 6,300 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. The 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.