(Atlantic) Dennis “Leroy” Phillips of Property Connections Real Estate and Auction in Atlantic says home sale values are up 10-to-15 percent compared to one year ago, and inventory is down.
Phillips has experienced homes sold within 24 hours.” Recently, we listed a couple of houses that sold in one day,” said Phillips. “If it’s the right house, it’s gone,”
Phillips says low-interest rates and lack of inventory are two of the main factors driving home values higher. “The inventory is the lowest I’ve seen in Atlantic in the 15-years I’ve been doing this,” said Phillips. “Today, we have 29 houses listed, but nine of them have an accepted offer. Normally we have anywhere from 40 to 80 houses on the market.’
Atlantic isn’t the only city facing the issue of low inventory and high demand.
” For example, there are eight houses in Harlan listed for sale, and four of them have a pending sale on them,” said Phillips. “Audubon has eight, and Red Oak has 16. I’ve heard the inventory is down everywhere, and that’s what we’re dealing with.”
Phillips says another driving factor is the lack of lots for sale, stifling new housing development. He says people are also taking advantage of the low interest rates and refinancing their homes.
According to the Southwest Iowa Association of Realtors, it had 155 active listings for members in February, 110 less than one year ago. Some Realtors caution of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates could cut into home affordability.
