31 homes sold in Iowa City in December to date. 47 homes sold in December 2010 – I have a tough time imagining beating that number with just 7 business days remaining this year. We’ll have to wait and see. Next week we will know more…
Assuming we don’t break any records in December, on the up side home sales for the quarter are up already – And that’s before we know how many more homes will close in the remainder of 2011. 142 homes sold in Iowa City since October 1st, compared to 127 sold October through December 2010.
There are currently 317 listings showing as active on the Iowa City MLS. (That low number is probably related to sellers taking their homes off the market for the Holidays). Contingent and pending sales are also down a bit. It seems there aren’t as many buyers out and about as there have been in the last few months. That too might be Holiday related. We won’t know until January whether that’s the case.
317 Active Listings
44 Homes Pending or Contingent
31 Homes Sold in Iowa City in December to date – 23 Single Family Homes, 7 Condos, 1 Zero Lot
The Absorption Rate is at 4.8 months. That’s an average of 147 days on market. Under 6 months is technically a sellers market. Although I wouldn’t put to much weight on these numbers at the moment. If you check out the link you will see that a major factor in the calculation for the absorption rate is how many homes are currently on the market. As I mentioned earlier in the post, the inventory is low at the moment with many sellers taking their homes off the market for the Holidays. After January 1st we should see a big increase inventory as sellers relist homes that didn’t sell this year. When that happens we need to see homes flying off the shelves for the absorption rate to stay low. With interest rates as low as they are you’d think houses would be flying off the shelves. They’re not right now, but they might be in January…
There’s one thing you can say about the Iowa City real estate market at the moment, it’s certainly not boring! That’s another reason right there for you to check back. I’m all about getting the word out. Check back regularly, I’ll be right here providing information to help you figure out your options when it comes to buying or selling a home in Iowa City. And when you’re ready to make your move please feel free to call me anytime at 319-400-0268.
Source for data: Iowa City Area MLS December 21, 2011