In April 2003, state Attorney General Tom Miller traveled to Washington, D.C., along with Roy Cooper, the AG from North Carolina, to make a case with John D. Hawke Jr., then-U.S. Comptroller of the Currency: banks were engaging in “predatory lending.” The pair asked the comptroller to provide more freedom for the states to impose regulations, cracking down on the practice.
When the bubble finally burst, in 2008, Iowa was not immune to the shock that engulfed the entire nation, despite the best efforts of Miller and Cooper. The good news is that home prices have rebounded and currently sit at three-year highs. Black Hawk, Scott, and Story County, IA homes for sale are currently being valued more highly than ever.
Number Of Transactions, Mean, Median Prices At Highs
In November 2016, 3,026 real estate transactions were reported in Iowa, up from 2,622 and 2,697, in November 2015 and 2014, respectively. This represents an increase of 15.4 percent from 2015 and 10.8 percent from 2014. A small dip in the number of real estate transactions was observed, on a year-over-year basis, from November 2014 to November 2015.
By contrast, both the mean and median Iowa home price increased in November 2014, 2015, and 2016, as well as the ratio between the mean sale price and list price. Mean home prices increased 3.9 percent, year over year, and 9.7 percent from November 2014. Median home prices increased 5.7 percent, year over year, and 9.6 percent from November 2014. In 2014, the average sale price / average list price ratio was pegged at 95.6 percent. This figure grew, by 0.2 percent, to 95.8 percent in 2015, and again, by 0.8 percent, to 96.6 percent, in 2016.
One figure that slipped, from November 2015 to November 2016, was the average number of days properties were marketed before buyers were found: from 74 to 76 days, a 2.7 percent increase, which may be within the margin expected by normal fluctuations, but is an indication of indecisiveness on the part of buyers, nonetheless.
Realtors Association President Attributes Pleasant Fall Weather
Iowa Association of Realtors President Cindy Miller attributed the overall strong showing of the state to “great weather” enjoyed by residents through the fall months. She expressed an expectation that end-of-year numbers will reflect the “solid year” for real estate in Iowa.
Over the past three years, June has been witness to both the highest average and median real estate sale prices: peaking in 2016 at $182,533 and $156,000, respectively. Mean June prices were up 0.9 percent, from 2015 to 2016, and by 7.8 percent, over two years. Median June prices were up 2.3 percent, from 2015 to 2016, and by 7.5 percent, over two years. Strong average and median price increases were observed in most other months as well, over both one-year and two-year periods. The Iowa Realtors Association publishes current figures relating to properties in the state on about the tenth of each month.