How is the real estate market in Iowa City doing? Now that we have the 1st quarter behind us it’s a good time to take stock of housing trends in 2013. 105 homes sold in Iowa City January through March 2013 compared to 104 in the same time period in 2012. Those numbers don’t really reflect the real picture in the Iowa City real estate market at the moment as they don’t take into account the number of homes under contract. With lots of buyer activity in Iowa City the number of homes sale pending or contingent are rising daily. Altogether there are 216 homes currently either contingent or pending on the Iowa MLS. (That includes 141 single family homes and 67 condos). That’s compared to 129 homes contingent or pending in February’s market update. That will give you an idea of how active buyers are in Iowa City at the moment. That’s a big rise in a little over a month!
The charts show you exactly how the number of homes sold in Iowa City break down in the 1st quarter. The first chart compares home sales to the same period last year. The second chart shows the trend for the last three months. Single family home sales are higher than condo sales in Iowa City, that’s not unusual. The good news is that there has been a steady month for month increase in condo sales this year and as I mentioned in the last paragraph, there are currently 67 condos under contract. A sure sign that condo market is coming back after a few rough years. That’s good news as there are a lot of condos in Iowa City!
The absorption rate for single family homes in Iowa City is 4.4 months, that’s an average of 133 days on market. For condos it’s 5.3 months, 160 days on market. The absorption rate takes the number of active listings into the equation and at the moment the inventory of homes on the market is rising as more homes come on the market for spring. Technically less than 6 months days on market is a sellers market, but it’s a little early to be calling it that. We are however in a transitional market and it’s transitioning in the sellers favor. Sellers can be happy that the prospects are better than they have been for a while when they put their houses on the market.
Do you have a house to sell in the Iowa City area? Now is definitely the time to list it! We can help you get it sold with a top of the line Marketing Plan using the power of the Internet.
Want to know what you’re home is worth in today’s market? A “common sense” approach to real estate means that when you call for a FREE Market Analysis you’ll get an honest and realistic assessment of your home’s value. It will be based on sound market data and include an analysis of current market conditions in the Iowa City real estate market. 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!
Data for this market report pulled from the Iowa City MLS April 11, 2013