My monthly market reports started out with North Liberty and Coralville this month. Since I was quoted in the Daily Iowan, the UI Newspaper this morning with my opinions on the Iowa City real estate market I figured I’d better hurry up and get my monthly market report for Iowa City out on the world wide web!
The good news is that Home Sales in Iowa City are up by 30% in August 2012 compared to 2011 . 91 homes sold in Iowa City last month compared to 70 in August 2011. This is the most number of homes sold in Iowa City in August since the market meltdown in 2008.
And if you need even more proof on how well the Iowa City real estate market is doing, the absorption rate is down at at 4.8 months, that’s an average of 144 days on market. To put that in some kind of perspective, this time last year the absorption rate was at 7.1 months in Iowa City.
When you look at the table below you’ll see that the good news continues with home prices up for single family homes and condos in Iowa City in August.
Average Price August 2012 | Average Price August 2011 | Median Price August 2012 | Median Price August 2011 |
|
|---|---|---|---|---|
| Single Family | 235,079 | 223,396 | 210,000 | 189,000 |
| Condos | 147,450 | 125,536 | 139,000 | 134,000 |
| Zero Lots | 149,225 | 160,633 | 143,950 | 127,900 |
Looking at the bigger picture, the trend in the Iowa City real estate market is looking good. Home Sales in Iowa City from January through August are up by 15%. The median price and average price are both up by 7%. Fall is just around the corner, check back for updates to see if this trend in the Iowa City housing market continues through the winter months. Or better yet Subscribe to My Blog and have market updates sent directly to your email.
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City? Give me a call at 319-400-0268 or drop me an email. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.
Data for this market report pulled from the Iowa City MLS September 7, 2012
