The Ups & Downs in the Iowa City Real Estate Market 2009
It’s the beginning of the month and time for my monthly report on what’s going on in the real estate market in Iowa City. With an entire year to look back on I have a lot of data to share with you this month. I will start with a year over year comparison of the monthly and quarterly numbers of homes sold in Iowa City for the period ending December 31, 2009. Followed by a year over year comparison of annual home sales in Iowa City for 2009.
Homes Sold in Iowa City December 2009 Compared to December 2008
48 homes sold in Iowa City in December 2009 compared to 41 homes sold in 2008. That’s an increase of 17%.
Median price: $219,950 compared to $175,000 in 2008.
Average days on market: 115 compared to 126 in December 2008.
Homes Sold in Iowa City in the 4th Quarter – October – December 2009
169 homes sold in Iowa City October through December 2009 compared to 127 in the 4th quarter 2008. That’s an increase of 33%.
Median price: $178,000 compared to $183,000 in the 4th Quarter 2008.
Average days on market: 95 compared to 112 in the 4th Quarter 2008.
We ended the year on a high note with a strong 4th quarter for home sales in Iowa City. Below are the numbers for the year. Altogether we see a modest 3% increase in home sales for the year. Encouraging data, especially considering the slow start we had at the beginning of 2009. Looking at the indicators it appears that the Iowa City real estate market is improving after the downturn and we can look forward to continued strength in home sales for 2010.
Homes Sold in Iowa City January 1 2009 – December 31, 2009
879 homes sold in Iowa City January through December 2009 compared to 857 homes sold in 2008. That’s an increase of 3%.
Median Price: $172,900 compared to $173,001 in 2008.
Average days on market: 93 compared to 100 in 2008.
Source for data: Iowa City Area MLS January 5, 2010.