Iowa City Real Estate Market Report February 2010
It’s the beginning of the month and time to look at home sales in Iowa City in February. Because of the seasonal nature of real estate it’s always better to compare to the same time frame in the previous year, rather than the previous month.
The number of homes sold in Iowa City in February was down compared to last year. 28 homes sold in February 2010 in comparison to 39 in February 2009. If you look at my weekly update (that I post on Mondays), you’ll see that we have a lot of homes under contract, so even if we didn’t have a bunch of closings in February, they are in the pipeline…
The median price of homes sold in February was $160,500, compared to $162,900 last year with an average of 148 days on market compared to 92 last year.
Right now there are a lot of buyers out and about wanting to take advantage of the expanded homebuyer tax credit., so it’s not really so much the number of homes sold we should be looking at - it’s the number of homes going under contract we should keep an eye on. Check back next week for my weekly report and see where we’re at then.
Buying or selling, we have an interesting market right now. I’m all for getting information out there, so check back frequently to see what’s going on in the Iowa City area real estate market.
The more you know before you buy or sell a home, the better shape you’ll be in when it comes to either listing a home for sale or making an offer on a home that’s currently on the market. Please do contact me with questions, I’m here to help!
