Indianola Iowa Real Estate Stats
The National Association of REALTORS® (NAR) latest housing report shows an increase in home sales at the end of 2014 rising 3.5 percent nationally during the month of December 2014. Home Prices also showed a 6% increase during December, marking the 34th consecutive month of year-over-year price gains.
Total inventory nationally fell 11.1 percent during December leaving a 4.4 month supply at the current sales level.
With national inventory below the 5 month supply level, we have entered into a seller’s market for homes that are priced correctly.
The statistics for the Indianola, Iowa real estate market, as of January 27, 2015 show the following results:
Indianola MLS Residential Listings – 71
Price Range - $42,000 - $1,300,000
Median MLS List Price - $218,500 with 1,664 sq.ft of living space.
5.25 months of inventory based on previous 24 months of sales.
In addition, there are 9 homes on the market For Sale By Owner with a price range from $137,900 - $309,900.
Indianola MLS Acreage Listings – 19
Price Range - $114,900 – 1,285,000
Median MLS List Price - $375,000 with 1,984 sq.ft of living space.
8 months of inventory
In addition, there are 5 homes (acreages) on the market in the Indianola / Prole areas that range in price from $250,000 - $449,500.
Note: These statistics do not include townhomes / condominiums that are listed for sale. If you are interested in this market send an e-mail to Terry.Pauling@EXITRealtyNorthStar.com
Mortgage Interest rates remain historically low, however, Freddie Mac, NAR, Fannie Mae and the Mortgage Bankers Association all agree that interest rates will increase by the end of 2015. They are predicting mortgage interest rates to be between 4.3% - 5.4% by the end of 2015. Purchasing power decreases dramatically as interest rates rise. For example: as interest rates rise from 3.75% to 5.25%, the monthly mortgage payment for a $200,000 home would rise from $926 to $1,104. Or to look at it another way, if the monthly payment must remain the same, (say $926), then the buyer could only afford a home of $180,000. A 10% decrease in buying power.
For additional information read the KCM blog “Why Have Interest Rates Dropped?”