July is another busy month in the Iowa City real estate market. 112 homes sold so far this month. 102 are contingent or sale pending so we can expect a lot of closings in the coming weeks. (149 is the magic number to beat this month – That’s how many homes sold in July 2011). June and July are typically the strongest months for closings in Iowa City. The high number of homes under contract is a good sign that August will be another strong month. You’ll need to check back to see just how strong!
The Absorption Rate is down at 5.5 months. That’s an average of 168 days on market. It’s been a while since the absorption rate dropped below 6 months. The absorption rate is calculated by looking at the number of homes sold and the number of active listings. There are 398 homes on the market in Iowa City, it’s the first time we’ve been under 400 in a while too. All these “firsts” are good signals that the real estate market in Iowa City is improving on all fronts.
398 Active Listings
102 Homes Pending or Contingent
112 homes sold in Iowa City in July to date - 73 Single Family Homes, 31 Condos, 7 Zero Lots, 1 Acreage
If you’ve got a house to sell in Iowa City, things are looking up for you. There are lots of buyers out and about this year. With so many homes on the market sellers in Iowa City do have a lot of competition. 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 is the shiny penny on the block.
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 – These are areas relocating buyers want to be and at this time of the year, just in time for the fall semester, we have A LOT of relocating buyers! 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 July 24, 2012. Due to the dynamic nature of the MLS this data is time sensitive.