Lately my market reports are full of positive news for housing trends in Iowa City. Home sales for January are no exception. Once again home sales are up in Iowa City. In fact home sales in Iowa City are up by a whopping 138% compared to January 2011. 31 homes sold in Iowa City January 2012 compared to 13 in 2011. And if that wasn’t impressive enough. This is the highest number of homes sold in Iowa City in January of any year since 2007 when 35 homes sold!
The absorption rate has dropped to 4.8 months, that’s an average of 148 days on market. (6 months absorption rate is a balanced market). 4.8 months absorption rate is technically a sellers market. Home prices don’t totally reflect that yet. Since I’m on a roll with good news, there is positive data to share with you on that too. Although about half of the homes sold in Iowa City last month sold at less than 95% of list price, (indicating that buyers are still putting pressure on prices), a few homes sold in Iowa City ABOVE list price in January. That is definitely a good sign for sellers and gives us every reason to be optimistic about the spring market.
What’s the takeaway this month? If you’ve got a house to sell, now would be a good time to talk to a Realtor. This market report is further indication that the housing market in Iowa City is definitely on the right track. What you need to know now is how that relates you and your house. As you can tell from all the information in my market reports, one of my specialties is figuring out the market. I’d love the opportunity to talk with you and discuss your options. You can either call at 319-400-0268 or drop me an email, that works too!
Data for the market report for January collected from the Iowa City MLS February 6, 2012