Home Sales in Iowa City are up by a very impressive 42% in September 2012 compared to 2011. 54 homes sold in Iowa City last month compared to 38 in September 2011. This is the highest number of homes sold in Iowa City in September since before the market meltdown in 2008.
Staying with the positive aspects of the data on homes sold in Iowa City. The absorption rate is down at at 4.4 months, that’s an average of 134 days on market. To put that in some kind of perspective, this time last year the absorption rate was at 7.1 months in Iowa City. Clearly buyers are feeling pretty good about buying real estate in Iowa City right now!
Looking at the bigger picture, the trend in the Iowa City real estate market is looking good, although there are a couple of downsides to the data for September. The first is that while single family home sales are on the rise, condo sales are not. The other is that home prices in September didn’t do as well as in August.
Considering there are more buyers in the market place, it can really only be a matter of time before the condo sales catch up. The same applies to home prices. Once the balance shifts and there are consistently more buyers it can only be a matter of time before we see a consistent rise in prices too. If home sales continue to be strong throughout Fall and Winter we can look forward to a very promising Spring in the Iowa City real estate market!
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City? 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 October 8, 2012