There’s been a big jump in home sales in Iowa City since my last market update. 144 homes sold in Iowa City so far in June, that’s up from 113 in the same time frame last year. (140 homes sold in June 2011 so that number is beat already with 4 business days left this week to increase that number).
June and July are typically the strongest months for closings in Iowa City – Here’s a link to last year’s home sales so you can see just how many homes sell in June and July compared to the other months of the year. June is clearly going to be much better than last year. If that trend continues through July it will be good news for the Iowa City Housing Market and a sign that the real estate market in Iowa City is stabilizing.
The Absorption Rate is down a bit at 6.0 months. That’s an average of 180 days on market. The calculation for the absorption rate uses data taken from active listings AND the number of homes sold. There are currently 188 homes on the MLS marked as either contingent or pending. That’s a lot of closings in the pipeline and they will have an effect on the absorption rate / days on market in the coming months.
420 Active Listings
188 Homes Pending or Contingent
144 homes sold in Iowa City in June to date – 98 Single Family Homes, 44 Condos and 2 zero lots
If you’ve got a house to sell in Iowa City, things are looking up for you. There are lots of buyers out and about this year. With so many homes on the market sellers in Iowa City do have a lot of competition. You want your house to beat out that competition by rising to the top and getting noticed by prospective buyers. The way to do that is to ensure your house is priced right for the market and in great showing shape.
If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. There is still too much inventory on the market for that to change yet. That said, well priced homes that show well are selling fast, especially if they’re in what’s considered a prime location – Close to downtown, walking distance to Campus, close to the UIHC – These are areas relocating buyers want to be and at this time of the year, just in time for the fall semester, we have A LOT of relocating buyers! If you’re not tied to a “hot” location, you as a buyer still have lots of choices. And with interest rates still at historic lows you can get a lot of house for your money!
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 is just a phone call or email away!
Data for this market update pulled from the Iowa City MLS June 25, 2012. Due to the dynamic nature of the MLS this data is time sensitive.