Weekly Real Estate Market Update Iowa City March 1, 2010

537 Active Listings
97 Under Contract
10 Homes Sold Feb 22 – Feb 27
7.5 Months of inventory on the market

An absorption rate of more than 7 months means Iowa City remains a buyers market for now. There’s a lot of buyer activity in Iowa City with buyers wanting to take advantage of the homebuyer tax credit before the deadline of April 30, so we will probably see some changes in this trend soon.

If you’re not familiar with the absorption rate, more than 6 months inventory of homes on the market is a buyers market. 6 months of inventory of homes is considered neutral and less than 6 months a sellers market. For more info here’s a link to the first post I wrote including the absorption rate with an explanation on how it’s calculated.

Last week’s real estate market update for Iowa City