We had another good month for home sales in Iowa City in August. According to data pulled from the Iowa City Area MLS this morning 69 homes sold in Iowa City in August 2011 compared to 62 homes sold in August 2010. The ways things are shaping up it looks like home sales in Iowa City in the 3rd quarter may well exceed expectations. I have to admit, it’s much more fun putting together these real estate market reports when the data is positive. Keep an eye open from my weekly reports in September. The way things are progressing I’m expecting to share more positive information on housing trends in the Iowa City real estate market in the coming weeks.
The Iowa City real estate market is picking up, although of course we still have a lot of inventory to get through. We still have a buyer’s market with an absorption rate of 7.1 months, that’s an average of 217 days on market. (6 months absorption rate would be a balanced market).
The average price for a single family home in August 2011 was $223,396 compared to $201,276 in August 2010.The average price for condos in Iowa City was $124,688 in August 2011 compared to $140,844 in August 2010.
The median price for a single family home in August 2011 was $189,000 compared to $179,000 in August 2010.For condos the median price was $131,000 in August 2011 compared to $135,750 in August 2010.
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 September 5, 2011