Corridor home sales jump in May

May home sales climbed 31 percent from one year ago in the Iowa City area, and 9.1 percent in the Cedar Rapids area.

A total of 284 homes were sold in May 2010 compared to 217 in the same month of 2009. The average selling price declined from $179,619 in May 2009 to $171, 797 last month.

The time required to sell a home also seems to be shrinking. The average days on market for homes in the Iowa City Multiple Listing Service was 87, compared to 118 days in May 2009.

The home sales data was released Friday, June 11, by the Iowa City Area Association of Realtors.

The growth was a little more subdued in Cedar Rapids.

Home sales rose by 8 percent, to 407, according to the Cedar Rapids Board of Realtors. The average selling price of a home was almost unchanged, at $149,151. The median price declined by 4.4 percent, to $130,000.

Association Executive Kevin Platz noted that 35 more homes were sold in the $129,000-and-below price range compared to May 2009.

“This could be attributed to more first-time home buyers entering the market,” Platz said.

Association leaders predicted last month that May would be another good one for home sales, as buyers make a push to complete home purchases before the expiration of federal homebuyer tax credits.