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May
19
19
Spring Real Estate Update: Home Prices Rising in Our Markets
In the past year, home prices have risen in most of our markets. The increases have been driven by declining inventory and pent up buyer demand. The Regional Real Estate Activity Chart below also shows the percent change in average sales price comparing first quarter of 2014 to first quarter of 2013. There is tremendous variation from market to market in our region. The Iowa City Area has the highest average sales price of $209,700, and the Burlington Area has the lowest at $88,900. 
Great Time to Sell After a sluggish first quarter due to record breaking cold and snowfall, buyers are active and eager to buy before interest rates go up. Activity in some of our markets is being held back by a shortage of listing inventory. We consider a buyer's market to be more than 6 months of inventory, a seller's market to be up to 3 months of inventory and a balanced market to be 4-6 months of inventory. The following is a sampling of our markets' months of inventory, which we show for all markets in the Regional Real Estate Activity Chart. Months of Inventory Burlington Area 5.6 months Cedar Rapids Area 4.6 months Dubuque Area 4.4 months Illinois Quad Cities 4.2 months Iowa Quad Cities 2.9 months Iowa City Area 8.2 months Muscatine/Wilton Area 4.4 months Homes are selling faster than they are coming on the market. So for sellers waiting for the "best time to list their properties," the time is right. Interest Rates Attractive Interest rates are still at historically low levels. As of April 17, conventional 30-year fixed rates are around 4.375%, 15-year fixed are still a great value at 3.5%, and VA/FHA is approximately 4.25%. Adjustable Rate Mortgages (ARMs) are becoming popular again, particularly for buyers not planning to live in their homes for more than 5-7 years. The 5-year ARM is remaining around 3.0% and the 7-year ARM is about 3.375%. Credit requirements remain somewhat strict and are more problematic than interest rates.
Great Time to Sell After a sluggish first quarter due to record breaking cold and snowfall, buyers are active and eager to buy before interest rates go up. Activity in some of our markets is being held back by a shortage of listing inventory. We consider a buyer's market to be more than 6 months of inventory, a seller's market to be up to 3 months of inventory and a balanced market to be 4-6 months of inventory. The following is a sampling of our markets' months of inventory, which we show for all markets in the Regional Real Estate Activity Chart. Months of Inventory Burlington Area 5.6 months Cedar Rapids Area 4.6 months Dubuque Area 4.4 months Illinois Quad Cities 4.2 months Iowa Quad Cities 2.9 months Iowa City Area 8.2 months Muscatine/Wilton Area 4.4 months Homes are selling faster than they are coming on the market. So for sellers waiting for the "best time to list their properties," the time is right. Interest Rates Attractive Interest rates are still at historically low levels. As of April 17, conventional 30-year fixed rates are around 4.375%, 15-year fixed are still a great value at 3.5%, and VA/FHA is approximately 4.25%. Adjustable Rate Mortgages (ARMs) are becoming popular again, particularly for buyers not planning to live in their homes for more than 5-7 years. The 5-year ARM is remaining around 3.0% and the 7-year ARM is about 3.375%. Credit requirements remain somewhat strict and are more problematic than interest rates. 
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