41 homes sold in Iowa City in March 2011 compared to 45 in March 2010. Last year the first time homebuyer tax credit pulled home sales forward and bumped up the numbers for the year. When you take that into account the number of homes sold this year looks really good.  Altogether there is a lot of activity in the Iowa City real estate market at the moment. I’ll be watching to see how the housing market shapes up in Iowa City in the coming months so check back for updates, or better yet Subscribe to my blog for email updates.

The average price for a single family home in March 2011 was $239,739 compared to $211,983 in 2010. The average price for condos in Iowa City was $174,254 in March 2011 compared to $121,928 in March 2010.

As far as the days on market are concerned, according to data from the Iowa City Area MLS, homes were on the market longer in March 2011 compared to 2010. Single family homes and condos both spent an average of 109 days on market in March 2011 compared to 93 days for single family homes and 87 days for condos in 2010. Data for days on market is highly manipulated due to expired listings and re-listed properties so I’d suggest you talk to a Realtor about the actual absorption rate (aka days on market). MLS calculations are usually skewed low. Depending on the neighborhood you live in the average days on market could be higher.

Source for data: Iowa City Area MLS April 11, 2011

Iowa City Real Estate Market Report February 2011 Compared to February 2010

Iowa City Real Estate Market Report January 2011 Compared to January 2010

Iowa City Real Estate Market Report – 2010 Compared to 2009

21 homes sold in Iowa City in February 2011 compared to 30 in February 2010. The numbers are a little misleading I think. If you look at my weekly real estate market updates you’ll know that the numbers of homes under contract is rising. A sure sign that there is a lot of activity in the Iowa City real estate market at the moment – They’re just not translating into closed sales just yet. I’ll be watching how the housing market shapes up in Iowa City as we head into the Spring market. Check back for updates, or better yet Subscribe to my blog for email updates.

The average price for a single family home in February 2011 was $232,522 compared to $223,557 in 2010. The average price for condos in Iowa City was $211,553 in February 2011 compared to $133,833 in February 2010. The average price for condos is skewed by the highest priced condo to sell in February 2011. A condo on Marietta Ave sold for $619,817 in February 2011. When you take the median price for condos the year over year numbers look better. The median price in February 2011 was $146,500 compared to $131,500 in February 2010.

As far as the days on market are concerned, according to data from the Iowa City Area MLS single family homes spent less time on the market than condos in February 2011. The average number of days for single family homes  in 2011 was 88 compared to 157 in 2010. For condos it was an average of 112 days on market in 2011 compared to 133 in 2010. I think the data for days on market is highly manipulated due to expired listings and re-listed properties and would suggest you talk to a Realtor about the actual absorption rate (aka days on market).

Source for data: Iowa City Area MLS March 17, 2011

Iowa City Real Estate Market Report – 2010 Compared to 2009

Iowa City Real Estate Market Report January 2011 Compared to January 2010

13 homes sold in Iowa City in January 2011 compared to 17 in January 2010. 6 single family homes, 5 attached condos, 1 detached condo and 1 zero lot. The interesting thing about the numbers is that it seems condo sales are on the rise. That was the case for the number of condos sold in December and now in January. At least when it comes to condos it looks like the market may be turning around. That’s great news as we head towards the spring market. (Typically the strongest selling time of the year for condos).

Generally speaking the prices reflect the winter market as far as single family homes are concerned. We still have a buyer’s market and they are still putting pressure on prices. Condo prices are looking better. 3 of the condos that sold in January were new construction and sold either at or higher than list price. (Possibly due to upgrades). I don’t think the price of new construction condos can be compared to regular condo sales so it doesn’t make sense to speculate about what these numbers mean to the spring market.

As far as the days on market are concerned, according to data from the Iowa City Area MLS single family homes spent more time on the market than condos. The average number of days for single family homes  in 2011 was 149 compared to 105 in 2010. For condos it was an average of 106 days on market in 2011 compared to 100 in 2010. I think the data for days on market is highly manipulated due to expired listings and re-listed properties and would suggest you talk to a Realtor about the actual absorption rate (aka days on market).

Source for data: Iowa City Area MLS February 3, 2011

Iowa City Real Estate Market Report – 2010 Compared to 2009