Home sales in Iowa City in May are on the rise again. 77 homes sold in Iowa City up to now this month, compared to 64 homes sold in the same time frame last year. The best news is that condo sales are on the rise. 23 condos sold this month so far and that’s 3 more than sold in all of May 2011, (and the month is not over yet so there are probably more in the pipeline).
The Absorption Rate is at 6.6 months. That’s an average of 201 days on market. The calculation for the absorption rate uses data taken from active listings AND the number of homes sold. There are currently 232 homes on the MLS marked as either contingent or pending. Once they start closing in greater numbers the absorption rate will go down and houses in Iowa City will spend less time on the market.
453 Active Listings
232 Homes Pending or Contingent
77 homes sold in Iowa City in May to date – 49 Single Family Homes, 23 Attached Condos, 2 Detached Condos, 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 Spring. With so many homes on the market sellers in Iowa City do have a lot of competition. The trick is to make sure your house is priced right and in great showing shape. You want your house to be the one buyers notice so put your best foot forward and see to it that your house is the shiny penny on the block before you list it for sale!
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 May 22, 2012. Due to the dynamic nature of the MLS this data is time sensitive.