Market Trends
Market Trends for Iowa City, Coralville and North Liberty Iowa
Buying or Selling a home you’re probably wondering how the real estate market in Iowa City is doing… I think the best answer is to say that all things considered it’s doing pretty well. Iowa City is fortunate enough to have a fundamentally strong economic environment. You don’t need to take my word for that either. The AP has an interactive map of the US showing the economic stress index county by county. A stress index of 11 is bad. Johnson county is currently at 5.05. The market indicators they use are the unemployment rate, (4.4%), the foreclosure rate, (0.13%) and the bankruptcy rate, (0.55%). Take a look for yourself, it’s a very cool map.
A major factor in the resilience of our economy is that we’re a relocation destination. We have the University of Iowa and the University of Iowa Hospitals as the largest employer in the area, not to mention national and international businesses like Procter & Gamble, Oral B Laboratories and Pearson. It’s safe to say Iowa City has a lot going for it…
Homes Sold Jan-Dec 2009 Compared to Jan-Dec 2008
| Area | Homes Sold | Median Price | Days on Market | |||
|---|---|---|---|---|---|---|
|
Year |
Jan-Dec 2009 |
Jan-Dec 2008 | Jan-Dec 2009 | Jan-Dec 2008 | Jan-Dec 2009 | Jan-Dec 2008 |
| Iowa City | 879 | 857 | $172,900 | $173,001 | 93 | 100 |
| Coralville | 300 | 324 | $189,000 | $193,125 | 104 | 105 |
| North Liberty | 615 | 534 | $146,000 | $157,700 | 102 | 108 |
Source: Iowa City MLS January 5, 2009
North Liberty had the strongest home sales in the area in 2009 with a 15% increase over 2008. Iowa City showed a modest increase of 3%. That’s misleading though, if you check my blog for a look at more detailed data for last year, you’ll see that home sales were strong in the last quarter and up by 33% in Iowa City. Coralville bounces around a bit. Coralville does well with the move-up buyer, but wasn’t able to attract first time homebuyers with stiff competition from North Liberty and Iowa City.
Looking at the bigger picture, the Iowa City real estate market is holding its own and looks set to have a pretty decent 2010.
Let me know if you need some help buying or selling a home in Iowa City, Coralville or North Liberty Iowa. Buying or selling it’s much easier to make decisions when you have all the facts and one thing you can be sure of when you work with me is that you’ll know as much as I do when it comes to making your decision. Questions? Please call me at 319-400-0268 – or email denise@denisehamlin.com
*Data provided is deemed to be accurate, but not guaranteed. For more statistics and in depth analysis of current market conditions, please contact me directly.
