Home sales up, prices mixed in February

February was a relatively good month for the real estate market in the Corridor and the state.

A total of 224 Cedar Rapids area homes were sold in February, according to the Cedar Rapids Area Association of Realtors, up from 187 in the same month last year. The median sale price was $140,000, a 7.6 percent increase from $130,000 in February 2014.

Houses spent an average of 92 days on the market before they were sold in February, down slightly from 93 days in the same month of 2014.

At the southern end of the Corridor, 137 homes were sold in the Iowa City area, according to the Iowa City Area Association of Realtors, up from 98 in February 2014. The median sale price slid 9 percent to $173,000 last month from $190,250 in February 2014.

Average time of the market before a sale was 81 days last month, down from 86 days in February 2014.

Statewide, 1,971 homes were sold last month, according to the Iowa Association of Realtors, an increase from 1,877 sold in February 2014. The median sale price was $128,916 last month, up from $119,900 in February 2014.

Homes sold faster last month than in February 2014. Houses sold last month were on the market for an average of 94 days, down from 103 days in the same month last year.

'With relatively low inventory levels, homes are selling quickly,” said Jon Yocum, president of the Iowa Association of Realtors in news release. 'The (sale) pending properties also were up almost 6 percent from last year.

'With the low interest rates and warmer weather, we expect to have a strong buying and selling season this spring.”

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