Home sales are still strong as the peak selling time of the year comes to an end in the Iowa City area. 66 homes sold so far in August. We only need 4 more homes to sell this month to be even with August 2011. That should be easy to accomplish, (and improve on), with 5 full business days to go until the end of month. 68 homes are contingent or sale pending.
The Absorption Rate is down at 5.2 months. That’s an average of 157 days on market. The absorption rate is calculated by looking at the number of homes sold and the number of active listings. There are 379 homes on the market in Iowa City and along with the absorption rate that number is falling too. Less homes on the market and a steady increase in home sales is exactly the trend we want to see and a real sign that the real estate market in Iowa City is improving on all fronts.
379 Active Listings
68 Homes Pending or Contingent
66 homes sold in Iowa City in July to date - 40 Single Family Homes, 24 Condos, 1 Zero Lots, 1 Acreage
If you’ve got a house to sell in Iowa City, things are looking up for you. The peak selling time might be over, but with vacation time over and interest rates where they’re at I for one wouldn’t be surprised to see increased activity for the time of the year. Of course that doesn’t mean that you don’t have competition from other sellers out there. The trick is to make sure your house is priced right and in great showing shape. You want your house to be the one buyers notice so put your best foot forward and see to it that your house rises above the competition.
If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. All things being equal, that could change anytime. Well priced homes that show well are selling fast, especially if they’re in what’s considered a prime location – Close to downtown, walking distance to Campus, close to the UIHC. If you’re not tied to a “hot” location, you as a buyer still have lots of choices. And with interest rates still at historic lows you can get a lot of house for your money!
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. I’d love to hear from you!
Data for this market update pulled from the Iowa City MLS August 27 2012. Due to the dynamic nature of the MLS this data is time sensitive.