Home prices, sales rise in Corridor, Iowa for March

March was a good month for home sales in the Cedar Rapids-Iowa City Corridor and the state of Iowa.

The Cedar Rapids Area Association of Realtors reported 295 homes sold last month with an average sale price of $169,599, up from 292 homes sold in March 2012 with an average sale price of $150,184, and 228 homes sold in February with an average sale price of $161,489.

The average Cedar Rapids home sold last month for 97 percent of the listed price.

In Iowa City and Coralville and surrounding communities, the Iowa City Area Association of Realtors recorded 155 homes sold last month with an average sale price of $181,680, up slightly from 142 homes sold in March 2012 with an average sale price of $180,036. In February, 103 homes were sold with an average sale price of $181,001.

The Iowa Association of Realtors reported 2,672 homes were sold in March with an average sale price of $125,000, up slightly from 2,654 homes sold in March 2012 with an average sale price of $118,000, and 1,851 homes sold in February with an average sale price of $118,000.

Statewide, the average home sold for 95.3 percent of the listing price, up 0.7 percent from last year, indicating that sellers are selling their homes close to asking price.

Don Marple, president of the Iowa Association of Realtors, said the March report shows the state's real estate market is healthy and improving.

"Fortunately we didn't see the extreme highs or lows in prices or sales that other areas of the nation experienced in the past few challenging years," Marple said. "We held pretty steady and continue to do so, often even better than steady.

"I think it's reassuring for consumers to know that there is stability in our market, and the data indicates that buyers and sellers are feeling more and more confident about the situation across the state."

Iowa's statewide inventory of homes on the market was down 12.6 percent from last year and new active listings decreased by 16.2 percent.

"The biggest challenge in the market is that we need more homes available for interested and qualified buyers," Marple said.