2016 Iowa Home Sales Up 4.6% and Prices Up 4.2%

posted by Mark Gavin | Feb 03, 2017

Home sales and median home prices rose throughout the year according to the official yearly housing trends released by the Iowa Association of REALTORS®. 42,671 properties were sold in 2016 compared to 40,778 in 2015. 

Median sale prices were up 4.2% in 2016. The median sale price was $146,900 in 2016, while only $141,000 in 2015. This is the fifth consecutive year with a rise in median sale price when compared to the previous year. 

The months supply of inventory (MSI) is 3.5 months. MSI is the number of months it would take to clear the existing inventory from the market, based on the average number of sales over the last 12 months. 6 months is considered a neutral market.

Days on market was up only slightly taking an average of 80 days to sell a home, while the average was 76 in 2015.

Stats 2016 year end

“The secret is out. Iowa is a great place to live. Iowa continues to be mentioned in national headlines.We have so many great communities. People of all generations and types are finding Iowa as an affordable, fun location to settle down. With our four seasons, healthy economy, and a variety of urban and outdoor activities, we have something for everyone. 2016 was a another great year for homebuyers and home sellers,” expressed Cindy Miller, 2017 President of the Iowa Association of REALTORS®. 


“ All real estate is local. In order to get the best picture of the market in your area, contact a local Realtor® today for a comprehensive market analysis,” Miller encouraged. 

 

First-Time Homebuyers

A home is the first major investment for most people. However, with the rising cost of higher education, it is more difficult to save enough for a down payment. Because of budgetary restrictions, renting is the only option for many young people. Homeowners contribute about $2,000 more into the local economy than households that rent. For the health of our local economy and the future we need to make homeownership attainable and at the same time keep people in Iowa. We can do all of that with the First-Time Homebuyers Savings Account.

Over 300 REALTOR® members of the Iowa Association of REALTORS® were at the Capitol in Des Moines talking with their legislators on Wednesday, February 1. They discussed the importance of the First-Time Homebuyers Savings Account program similar to the College Savings Account. To read more about the legislation and find out how you can help visit: http://www.iowarealtors.com/posts/iar-news/2017/01/30/HSA

“We had an excellent and productive day speaking to most of our legislators from across the state. We encouraged them to look at the overall positive economic impact of helping people save to purchase their first Iowa home,“ stated President Miller. 

The information used to create the IAR 2016 Housing Trends Report was current as of February, 3 at 8:00 a.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 6,900 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 Iowa Association of REALTORS®  515-453-1064 or mark@iowarealtors.com.

 

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