(Undated) -- January is usually a slow month for home sales, but that was not the case in January of 2021. The Iowa Association of Realtors says January home sales in Iowa were up 13-percent over a year ago.
Nearly 25-hundred homes sold statewide in January. Buyer demand pushed up median sales prices up 12-percent over one year ago, to nearly $180-thousand dollars.
The Iowa Association of Realtors says homes are still selling quickly, within an average of 51-days on the market, which is about 20-percent faster than the pace in January of 2020.
The organization says the number of homes available for sale continues to be low in many price ranges. Inventory was 35-percent lower compared to one year ago.
“The story of January shows the constant battle we are facing with low inventory levels. New properties coming on the market dropped 19% over last year with the total number of homes available down 36%. The increased buyer demand is leading to extreme multiple offer situations and an increase in prices, which were up 12.4% from January of last year. In my 20 plus years of real estate I have not seen a stronger seller's market. Although it is a tough market for buyers, they are ready to go and want to take advantage of the low interest rates. Now, more than ever, people need a REALTOR® professional to guide them through these crazy market conditions,” stated IAR President Jen Burkamper.