April 23, 2014

November home sales down, but yearly sales still ahead of 2011

Although fewer homes were sold in Iowa in November compared to October, overall sales for the year are up substantially over 2011 figures. Don Marple is president of the Iowa Association of Realtors (IAR) which tracks the numbers.

“From the beginning of the year to now, we’re showing about a 12-percent increase in the number of sales compared to last year at this time,” Marple said. The realtors group reports 2,683 homes were sold in Iowa last month, down from 2,998 in October, but up from the 2,479 homes sold in November 2011.

The median sale price last month was $125,000. That’s up from $118,900 in November 2011. Marple notes that the number of active residential listings and the numbers of days homes are on the market are both down compared to last year at this time.

“So, the supply and demand is balancing out right now,” Marple said. “Before there was a lot of supply and a little demand. We’re on a track right now of maybe more demand and less supply. That’s why you’re seeing the homes being sold in a short amount of time.” The average days on the market in November was 98 days, down 8 days or 7.5% from November 2011.

According to the IAR, the number of active residential listings at the end of November was 19,084. That’s down 11% from November 2011.