It’s pretty close to the end of the year and definitely a good time to look at home sales in Iowa City for the month of December. 24 homes sold so far this month. 53 homes sold in December 2011. We have a bit of catching up to do to beat that number by the end of the month!
Looking at the trend in the Iowa City real estate market for the year, home sales in Iowa City are up by 10.7% to date. This is based on data pulled from the Iowa City MLS today, (December 21) and will change a bit by the end of the year. 868 homes sold so far this year compared to 784 in the same time frame in 2011.
The absorption rate is at 4.1 months, that’s an average of 124 days on market. This time last year the absorption rate was at 4.8 months There is a very low inventory of homes on the market in Iowa City right now and that helps the absorption rate – The absorption rate is calculated by looking at both the number of homes sold and active listings.
265 Active Listings
52 Homes Pending or Contingent
24 homes sold in Iowa City in November to date – 19 Single Family Homes, 5 Condos
What do these numbers mean to you if you’re buying or selling a home in the Iowa City area? The first thing is that there are good signs that the market is stabilizing. The real estate market in Iowa City is not prone to experiencing extreme highs or lows, but it was pretty flat and prices did take a bit of a hit for a while during the downturn. Housing is definitely trending in the right direction again in Iowa City now!
The second point I want to make is that whether you’re a buyer or a seller, getting your information from the National Media is not a good idea. Already I see talk of a housing boom in 2013. That may be true for some parts of the country – I don’t sell real estate there so I don’t know – What I do know is that a “housing boom” is highly unlikely in the Iowa City real estate market, at least based on the data we have for this year. (And the fact that Iowa City doesn’t typically experience extreme highs and lows anyway). I’ve said it before in my blog posts. Real estate is local. This applies regardless of where you live. If you want information about the real estate market then you should talk to a local Realtor. Period. We are your best source for information on all things related to real estate bar none! (Of course it goes without saying that you should choose a Realtor the same way you choose any other Professional you work with – Carefully).
Check back for updates to see how the Iowa City real estate market continues to do through 2013. I’m definitely expecting good things!
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell your home in Iowa City? Give me a call at 319-400-0268 or drop me an email. Sound advice and guidance are just a phone call or email away!