July is usually one of the quieter months of the year with it being vacation month. Not so this year. June was quiet. July is hopping. It’s hard to know what’s going on in the Iowa City real estate market at the moment. A crystal ball would come in  handy about now. I don’t have one of those, what I do have is data. According to data pulled from the Iowa City MLS today the number of homes sold in Iowa City this month to date is at 49. That’s up by almost 150% compared to the first 10 days in July 2010 when 20 homes sold in Iowa City. There are 127 homes Sale Pending or Contingent. (Sale Pending or Contingent means they have accepted offers that may still have contingencies on them to fulfill before closing). The number of homes showing as Active Listings is down below 500 for the first time in quite a while with 496 homes in Iowa City currently listed as active.

496 Active Listings
127 Homes Pending or Contingent
49 Homes Sold in Iowa City in July to date – 27 Single Family Homes, 20 Condos and 2 Zero Lots.

The Absorption Rate has also gone down a bit this week and is at 8.5 months. That’s an average of 258 days on market. July is shaping up to be a good month in the Iowa City real estate market. Watch this space for updates, or better yet subscribe to my blog and get updates sent directly to your inbox.

Real Estate Market Report May 2011 Compared to May 2010

Real Estate Market Report April 2011 Compared to April 2010

Real Estate Market Report March 2011 Compared to March 2010

Real Estate Market Report February 2011 Compared to February 2010

Real Estate Market Report January 2011 Compared to January 2010

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

It’s almost the end of the month and it doesn’t look like this is going to go down as the busiest June on record! According to data pulled from the Iowa City MLS today the number of homes sold in Iowa City this month to date is at 108. That’s down by about 30% compared to June 2010 so far. There need to be a lot of closings in the next couple of days to bring that number up. There are 161 homes Sale Pending or Contingent. (Sale Pending or Contingent means they have accepted offers that may still have contingencies on them to fulfill before closing). The number of homes showing as Active Listings is down compared to last week with 516 homes in Iowa City currently listed as active.

516 Active Listings

161 Homes Pending or Contingent

108 Homes Sold in Iowa City in June to date – 66 Single Family Homes, 38 Condos and 4 Zero Lots.

The Absorption Rate is at 9.0 months this week, that’s an average of 273 days on market. We still have lots of inventory to get through in Iowa City and although we’re moving in the right direction home sales aren’t where they need to be yet. Especially considering this is the peak selling time of the year. This applies especially to condos. Condo sales are down significantly as you can see in my May Market Report and that trend hasn’t changed at all through June. It’s going to take a while before we get back to a more balanced market… Of course every market is good for someone and this market continues to hold opportunities for buyers!

Real Estate Market Report May 2011 Compared to May 2010

Real Estate Market Report April 2011 Compared to April 2010

Real Estate Market Report March 2011 Compared to March 2010

Real Estate Market Report February 2011 Compared to February 2010

Real Estate Market Report January 2011 Compared to January 2010

Source for data: Iowa City Area MLS June 27, 2011