January's cold weather and snow put a slight damper on home sales.
Home sales slipped in January, falling 9 percent statewide with 176 fewer homes sold last month when compared with January 2013, according to the Iowa Association of Realtors. The report shows that 1,778 homes were sold in January 2014 compared with 1,954 homes sold in January 2013.
Following state averages, the number of homes sold in Cedar Rapids dropped 7.8 percent year-over-year, from 216 homes sold in January of last year to 199 sold this January, according to the Cedar Rapids Area Association of Realtors. And the Iowa City Area Association of Realtors reported that 82 homes were sold in January 2014, down 3.5 percent from the 85 sold in January 2013.
The median sale price of a home in Iowa increased 3.4 percent from last year, climbing from $116,000 in January 2013 to $120,000 in January 2014.
But in Cedar Rapids, the median sale price dropped — about 6 percent — from $143,750 in January 2013 to $135,000 in January 2014. There was a 25 percent jump in median prices in the Iowa City area, with prices rising to $187,500 this January from $150,000 in January of last year.
Reports show one bright spot in the state and Corridor: Days on the market fell 7.8 percent, or 8 days, from last January, across the state, with houses spending an average of 94 days on the market in January 2014. In Cedar Rapids, the average numbers of days houses spent on the market fell from 92 days in January 2013 to 87 days in January 2014."We continue to feel optimistic about the housing market given the decrease in (days on market) and increase in sales price," said Iowa Association of Realtors president Kathy Miller in a news release. "However, being the ninth-coldest winter in the past 121 years has proven to be a hindrance on sales throughout the state."