Iowa City Real Estate Market Report 3rd Quarter / July – September 2010 compared to July – September 2009
165 homes sold in Iowa City in the 3rd quarter 2010 compared to 309 homes sold in the 3rd Qtr 2009 – That’s a 47% decrease in home sales over the 3rd quarter last year. Clearly the expiration of the home buyer tax credit has had quite an impact on the Iowa City real estate market. You would think the low interest rate, around 4.25%, coupled with great prices on homes would counteract that, but up to now there is no sign of that.
|Average Price Homes Sold July – September 2010||$183,018|
|Highest Price Home Sold:||$510,000|
|Lowest Price Home Sold:||$ 51,000|
Highest number of days on market: 354 days
Lowest number of days on market: 10 days
|Average Price Homes Sold July – September 2009||$190,945|
|Highest Price Home Sold:||$765,000|
|Lowest Price Home Sold:||$ 32,000|
Highest number of days on market: 602 days
Lowest number of days on market: 7 days
I use an excel spreadsheet to calculate the absorption rate/days on market. According to that calculation there are 7.5 months worth of inventory on the market in Iowa City, that’s 227 days on market. (No change over last month). This calculation does not take into account the different types of homes, location or different price ranges, so it’s not a huge help to you if you’re selling your home in Iowa City. If you’re selling a home in Iowa City you would need to look at the number of homes sold in your specific neighborhood in the same price range to get an idea how long it would take for homes comparative to yours to sell in today’s market.
Are you looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data for this market report provided by the Iowa City MLS October 6, 2010