606 Active Listings
117 Homes Under Contract
6 Homes Sold March 8 – March 13
8.4 Months Absorption Rate (Number of months it takes the market to “absorb” homes).
The absorption rate is calculated using the number of homes sold. I think it’s safe to say that number is skewed at the moment with so many homes under contract. Once they start closing in bigger numbers we’re likely to see a difference in the absorption rate.
What the large number of homes under contract tells us is that 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. Watch this space. It looks like the coming months are going to be really interesting!
Last week’s real estate market update for Iowa City
Real Estate Market Report for Iowa City February 2010
