Time to take a closer look at home sales and home prices in Iowa City for the month of October. 45 homes sold in Iowa City in October 2012 compared to 63 in October. That’s not quite the news I expected to share with you this month after record home sales in September. On the up side home prices are up for both single family homes and condos.
Staying with the positive aspects of the data on homes sold in Iowa City. The absorption rate is down at at 4.2 months, that’s an average of 127 days on market.
Looking at the bigger picture, less inventory on the market means less competition and that’s good for sellers. As I’ve said before in my market reports, every market is good for someone!
The Iowa City real estate market enjoyed a very strong summer. The Jury’s still out on whether that will return through the Fall and Winter and we’ll need to wait for the data. The dip in the number of homes sold in Iowa City in October could be just a glitch, we’ll have to wait and see. One month does not make a trend!
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 report pulled from the Iowa City MLS November 14, 2012