Home sales fall in Corridor, state Average price rises, days on market fall

Home sales fell last month in the Corridor and the state when compared with August 2014, but the average sale price rose and it took less time to make the sale.

A total of 420 homes were sold last month in the Cedar Rapids area, down from 462 in August 2014, according to the Cedar Rapids Area Assocation of Realtors. The average sale price rose to $184,220 in August from $171,852 in the same month of 2014.

There was a marked decline in the time that a home was on the market before it was sold - 59 days last month, down from 80 days in August 2014.

'We've had a healthy market all year,” said John Beck of Iowa Realty, president of the Cedar Rapids Area Assocation of Realtors. 'Typically, in the last couple of weeks in August before Labor Day, there's a dropoff in sales as people get their children ready to go back to school.

'After the Labor Day weekend, we usually see a surge until Thanksgiving.”

At the southern end of the Corridor, 272 homes were sold in the Coralville, Iowa City and surrounding communities last month, down from 300 in August 2014, according to the Iowa City Area Association of Realtors. The average sale price increased to $219,935 in August from $213,699 in the same month last year.

Homes in the Coralville-Iowa City area had been on the market for an average of 69 days before they were sold in August, down from an average of 79 days before a sale in August 2014.

Statewide, 3,646 homes were sold in Iowa last month, according to the Iowa Association of Realtors, down from 3,956 that changed owners in August 2014.

The average sale price rose to $173,285 in August from $165,572 in August 2014. Average days on market before a sale declined to 63 last month from 80 days in August 2014.

'The low inventory level in many markets continues to shorten the selling process,” said Jon Yocum, president of the Iowa Association of Realtors. 'We reached a new five-year low with 63 days on market,”

l Comments: (319) 398-8366; george.ford@thegazette.com