April brought showers, but it also resulted in a bounty for Iowa housing market metrics measured by Iowa REALTORS®.
“The Iowa housing market showed strength and flexibility in the month of April, inventory increased and sales were boosted as more and more Iowans began to explore their next housing opportunity,” Shaner Magalhães, IAR president, said. "Relatively steady prices and a stable interest rate show signs that the market should remain active and prosperous as we continue into the typically busy summer buying months.”
Inventory saw another plentiful increase in both new listings and overall available homes in April. New listings accounted for 4,068 homes, a 13.1% increase from one year ago and a 8.7% increase from the 3,740 homes added to the market in March. Overall, Iowa saw 6,492 available homes on the market in April, an increase of 33.9% from last year.
Sales began to bloom in April. Sales increased 12.1% year-over-year, with 2,749 homes sold compared to the 2,453 sold in April 2023. Monthly metrics showed a similar increase of 14.7% from the 2,396 homes sold last month.
Pending sales slumped just a bit in April, a 2.2% decrease with 3,226 pending transactions recorded compared to the 3,298 pending sales of one year ago. However, when compared monthly, pending sales jumped 13.8%.
Days on the market also saw an increase of 6.5% from 46 days in April 2023 to 49 last month.
The median sales price jumped 7.% in April to $230,000 from the $215,000 median price of last year.
Townhouses and Condos
The townhouse and condo market echoed that of the single family market in April, with increases in each category other than pending sales.
The number of townhomes and condos joining the market in April increased 14.8% to 604 from 526 listed in 2023. The increase was 6.1% from the 569 townhomes and condos listed last month. Overall, inventory in this arena outpaced 2023, jumping 22.9% from the 1,473 properties for sale compared to the 1,199 properties listed at the same time one year ago.
Closed sales increased 6.9% in April with 405 properties sold compared to the 379 sold last year. Monthly, the number of sold properties increased 12.2%.
As with single-family homes, pending sales saw the only decrease in April. The 470 pending sales represented a 3.1% decrease from the 485 condos and townhomes sold in April 2023. However, monthly, pending sales grew 10.5% from the 425 pending sales of March.
Days on the market increased to 63 days in April from 57 days last year. Median sales price jumped 5.3% to 247,500.
“Though we had anticipated decreases in federal interest rates bringing life to the Iowa housing market, the lack of changes in that area don’t appear to be dampening the market as we move through the spring selling season,” Les Sulgrove, statewide housing analyst, said. “The stable atmosphere of the market in Iowa is a welcome condition and one we anticipate will continue. Now is the time to prepare for your next move by working to get pre-approved and sharing your housing needs with a trusted REALTOR®.”
VIEW FULL STATS REPORT HERE
The information used to create the IAR April Housing Trends Report was current as of May 17. 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 8,200 members and affiliates. The IAR releases a Housing Trends Report each month.
Sources: National Association of REALTORS®, Iowa Association of REALTORS®, Data from Multiple Listing Services in Iowa, and ShowingTime.