Right on track, home sales in Iowa City are up for the fifth straight month in November. And we still have a couple of days to go before the final numbers come in. 45 homes sold in Iowa City this month to date. 37 homes sold in November 2010. That’s a 21% increase compared to last year and it’s not even the end of the month yet!
51 homes are listed as pending or contingent. There are 352 homes currently showing as Active Listings on the Iowa City MLS. All in all pretty good numbers as the year slowly draws to an end.
352 Active Listings
51 Homes Pending or Contingent
45 Homes Sold in Iowa City in November to date – 24 Single Family Homes, 19 Condos, 2 Zero Lots
The Absorption Rate is at 5.3 months. That’s an average of 161 days on market. Under 6 months is technically a sellers market. That’s the good news. If you’re a seller though you probably want to keep in mind that even though home sales in Iowa City are up there’s still a lot of pressure on prices. It will only be when both home sales and home prices rise that we can talk about real progress in the Iowa City real estate market. At least from a seller’s perspective.
It’s fair to say that every market is good for someone. For now it’s still buyers that have the upper hand and it’s likely to continue that way at least through the winter months.
Source for data: Iowa City Area MLS November 28, 2011