How is the housing market trending in Iowa City? My market reports last week showed that home sales were up in Iowa City, Coralville and North Liberty in 2013 compared to 2012. When I was writing those market reports it occurred to me that as the market improves it would be a good idea to look back at the data of the last five years and take a look at the bigger picture. My thought is that this will be a help to sellers who might be sitting on the fence about listing their homes this spring. Buyers don’t have a lot of choices with the current inventory of homes on the market. For the real estate market to continue to rise Iowa City really needs more sellers to get into the game! As you can see in the chart, the Iowa City real estate market went through a rough couple of years in 2010 and 2011. Since then we have a gradual improvement in home sales and home prices for both condos and single family homes – A strong indication that 2014 will continue in the same trend.
Home Sales & Home Prices in Iowa City 2009 – 2013
The chart above shows the trend in the last five years. I’ve been doing these market reports for quite a while now and in 2010 did an “end of decade” post on housing trends in Iowa City and looked back at all the data available on the Iowa City Area MLS at that time. (7 years of data). Here’s a link to that post – Housing Trends – Homes Sold in Iowa City 2003 – 2010. In that chart 2005 was the best year for home sales – 1101 Homes Sold in Iowa City in 2005).
Single Family Homes, Condos & Zero Lots Sold in Iowa City 2009 – 2013
When it comes to Iowa City real estate, condos and single family homes are very different animals. The chart above is a very good indicator for that. The best part of this chart is that it shows both single family home sales and condo sales were up in 2013. Condo sales took the biggest hit during the downturn and it’s excellent news to see condo sales up in 2013. The high number of condos sold in 2010 can be attributed to the fact the first time homebuyer credit was around at that time and first time homebuyers do like condos! The great thing about the 2013 rise in condo sales is that none of it was due to manipulation or external influences. It was just buyers wanting to buy condos.
Keep in mind these are the numbers of homes sold that were listed on the Iowa City MLS. They don’t include homes sold by owner. The data originates from the Iowa City Area MLS, January 19, 2014.
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. My approach is very straightforward. I’ll help you figure out what will work for you and what won’t. I have a reputation for saying what I think and communicating that in a clear fashion, (just like in my blog) – This is a trait that is much appreciated by clients past and present.
Check back for updates to see how the Iowa City real estate market continues to do through 2014.