It’s good to see Home Sales in Iowa City are up again in August. 100 homes sold so far in August compared to 90 in August 2015. The Iowa City real estate market is still very active as we approach Fall with home sales up 4% for the year. It was looking a bit dodgy there for a bit with home sales down in July, (which is typically the busiest month of the year), but it looks like we’re on track again now. Earlier in the year buyers were having a hard time finding homes to buy with an acute lack of inventory of homes on the market. There are still less homes on the market than there were last year, but based on this month’s numbers, lack of inventory is not stopping those buyers!
Homes Sold in Iowa City
August 30, 2016 Compared to August 2015
The table above shows that although home sales are up for the month, it’s condos that are the runaway winners for August. Single family home sales are down a little, while condo sales are more than double last year’s number. 33 condos sold this August compared to 16 in August 2015. (These are preliminary numbers. There will probably be a small uptick of the numbers for August 2016 next week when more agents update their sold listings for this month).
Contract to Listing Ratio
Iowa City August 30, 2016
The contract to listing ratio is a good way of looking at the market in “real time” and to gauge closings scheduled for the coming weeks and months. 33% of homes currently listed on the Iowa City MLS are contingent or sale pending. That’s down just 1% from last month and shows that even though there aren’t as many buyers out as there were in spring, the market is stable with a steady number of buyers writing contracts. That’s very good news considering August is vacation month!
Number of Homes Sold / Days on Market
Iowa City August 30, 2016
Another piece of good news in this month’s market snapshot for Iowa City is that homes are selling quickly. In fact 60% of homes sold in less than 60 days. A low market time is good for the market and helpful for sellers. The longer a house is on the market, the more chance there is that it will affect the price.
What’s the takeaway for buyers and sellers in Iowa City from this market snapshot? The real estate market remains active in Iowa City as we approach Fall. 4 of the homes sold this month sold with zero days on market, which underlines the fact that the best homes will go fast in a market that is still low on inventory. Buyers need to be on top of their game not to miss out. (This is especially true in the lower price ranges). Often times buyers wait till they find a home before contacting a Realtor. They don’t realize that hiring a (good) Buyer’s Agent may help them into their new place quicker. In fact in a real estate market short on inventory a (good) agent is a real asset when it comes to making sure buyers don’t miss out on any “hot” listings when they hit the market.
When you’re ready to work with an agent completely committed to making sure you get exactly what you want out of your buying or selling experience, Call Denise at 319-400-0268. You really can’t put a price on piece of mind!
Data provided via the Iowa City MLS August 30, 2016