Sales trends point to a strong housing market as 2013 winds down, according to the November 2013 Housing Trends Report compiled by the Iowa Association of Realtors. The report indicates that sale prices on houses are up, days on the market are down and year-to-date sales are up over last year, which paints a promising picture for the overall market.
According to the report, the average sale price last month increased by $5,887, or 4 percent over November of 2012. The average sale price a year ago was $147,796, and it grew to $153,683 this November. The median sale price was also up 4 percent; increasing from $125,000 in November 2012 to $130,000 this November.
Days on the market also continued to decrease, which is good news for sellers around the state. In November 2012, houses took an average 101 days to sell, while this year, that figure declined to 81 days, a decrease of 19.8 percent.
There were 2,749 pending sales during November, a 1.6 percent decrease from November 2012. However, year-to-date sales for 2013 were 7.7 percent higher than last year.
"With the positive pricing growth, continued low interest rates and fewer days on the market, Iowa should continue to see a strong housing market," association President Kathy Miller said.
Data for the monthly report is collected from local Realtor boards through their multiple listing service, which tracks sales activity in the board area.