70 homes sold in Iowa City in April 2011 compared to 101 in April 2010. Not exactly inspiring numbers for the Iowa City market in April. Granted the first time home buyer tax credit bumped up the numbers in 2010. The lack of spring weather may also have held buyers back this year. A 31% decline in home sales is still not something I can put much of a positive spin on. Contingent and pending sales are on the rise so hopefully in the coming months I’ll have more positive data to share with you. There are major shifts in the Iowa City real estate market. Whether you’re buying or selling a home, data is your friend. If you want to stay on top of what’s going on in the Iowa City real estate market check back often for updates. With warmer weather and increased buyer activity next month could look entirely different.
The average price for a single family home in April 2011 was $219,829 compared to $210,755 in April 2010. The average price for condos in Iowa City was $145,456 in April 2011 compared to $151,744 in April 2010.
The median price for single family homes is interestingly $180,000 for both April 2011 and April 2010. For condos the median price is $135,000 in April 2011 compared to $156,000 in April 2010. (Considering the big drop in condo sales compared to last year that’s probably not that surprising).
As far as the days on market are concerned, according to data from the Iowa City Area MLS, homes were on the market longer in April 2010 compared to April 2011. Single family homes spent an average of 95 days on market in April 2011 compared to 111 days in April 2010. Data for days on market is highly manipulated due to expired listings and re-listed properties so I’d suggest you talk to a Realtor about the actual absorption rate (aka days on market). MLS calculations are usually skewed low. Depending on the neighborhood you live in the average days on market could be higher. This post about absorption rate explains a little more about what I mean with that.
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.
Source for data: Iowa City Area MLS May 12, 2011