The housing market saw more good news in December as home prices continued to rise across the state and in the Corridor. Overall, 2013 saw higher average prices, stronger sales and fewer days on the market than in 2012.
The average sale price of a home in Iowa inched up .4 percent from last year, from $148,603 in December 2012 to $149,150 in December 2013, according to the Iowa Association of Realtors.
In Cedar Rapids, the average sale price increased about 4.9 percent from $158,151 in October 2012 to $165,936 in December 2013, according to the Cedar Rapids Area Association of Realtors.
There was a 6.8 percent jump in prices in the Iowa City area, with prices rising to $199,691 in December 2013 from $185,141 last December, according to the Iowa City Area Association of Realtors.
Sales rose 3.2 percent statewide, with 2,647 homes sold in December 2013 compared with 2,566 homes sold in December 2012.
The number of homes sold in Cedar Rapids fell about 16 percent year-over-year, from 345 homes sold in December of last year to 289 homes sold this December. In Iowa City, 151 homes were sold in December 2013 which is almost even with 2012 December sales of 150.
However, year-to-date sales for Cedar Rapids were up 8.3 percent — 4,141 single family homes were sold in 2012 compared with 4,486 in 2013. Year-to-date sales in Iowa City rose as well, hitting 2,879 in 2013, which is a 9.7 percent increase from the 2,624 homes sold in 2012.
Year end sold data also shows that the average price of a home increased in both Cedar Rapids and Iowa City. In Cedar Rapids the average price increased 6.4 percent from $162,253 to $172,701, and in Iowa City the average price increased 6.3 percent from $192,702 to $204,889.
Days on the market also dropped, falling 14.4 percent, or 14 days, from 97 days in 2012 to 83 days in 2013.
“While there are fewer properties on the market, buyers are making faster decisions and sellers have been eager to sell, which is a great thing for Iowa’s housing economy,” said Kathy Miller, the 2014 president of the Iowa Association of Realtors, in a release.