While entry-priced homes are selling briskly, Waterloo, Iowa Realtors report that most sales are trading in "normal" ranges.

"An older community, Waterloo is a city of around 75,000 people," explains Realtor Ed McAtee, "A city of industry, John Deere resides in several locations in the Cedar Valley, Waterloo included. The majority of homes in Waterloo date from the late 1800s to the mid 1980s, but newer developments can be found south of Highway 20 in the Audubon Park area."

About the market, McAtee says, "Average closed sale price of homes in the area is $92,500, with an average market time across the board of 60 days. The numbers break down by bedroom like this: For homes with two or less bedrooms, the average sale price is $70,452. For three-bedroom homes, average sale price is $93,948. Four-bedroom homes have an average sale price of $131,701, and five-bedroom homes or those with more sold for an average of $204,182.

Says Realtor Celia Simmer, "Waterloo is a great family area with lots of trees, parks, bike trails and an excellent educational system from pre-K to university."

She says, "The local market appears to be leveling out with more normal buying and selling ranges. The third quarter was still good, but I predict that houses will start staying on the market a little longer and some softening of the prices due to seasonal changes and a mental shift with the upward move of the interest rates. Six percent is still pretty cheap money, but it will take consumers a few months to realize this. Listings seem to be up and the number of buyers appears to be smaller....look for level to decreasing prices in most price ranges. There were 683 sales in 2003 compared to 570 in 2002. Median sale price was $99,950 compared to $88,900 last year. Average sale price was $119,620 compared to $107,127 last year. Listings were also up for the third quarter. Over 996 new listings were reported in 2003, compared to 882 in 2002."

Realtor Gloria Mueller says, "The marketplace is similar to Cedar Falls. Homes under the $150,000 price range are very active. Above $200,000 there is a nice selection of both existing homes and new construction. It is a great time to upgrade from your current home."

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Published: October 20, 2003

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