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Cedar Rapids Real Estate - Market Report March 2012
The Cedar Rapids market's closed sales were down by 12.6% versus last year in February. Pending sales were up by 13.5% over the same month last year. Inventory is down by 101 units, or 5.6% from last month. The average sale price in February was $151,000, up $10,000 from last year. homes sold in February spend an average of 112 days on the market.
The resale segment of the market's closed sales were down by 6.1% over Feb. of 2011. Pending units were up 13.7% over the same period last year. The averagesale price of a resale listing in Feb. was $142,000 up $19,000 from last Feb. The average time on the market for resale homes was 111 days in Feb.
For new construction, closed sales were down by 44.1% from Feb. of 2011, although pending sales were up 12.1%. Inventory was up 25 units (7.5%) from the previous month. The average sales price of a new home in Feb. was $231,000, up $2,000 from last year, with price per square foot being $157, compared to $145 last Feb. The average days onthe market for a new home in February was 116 days.
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