21 homes sold in Iowa City in February 2011 compared to 30 in February 2010. The numbers are a little misleading I think. If you follow my market updates you’ll know that the numbers of homes under contract is rising. A sure sign that there is a lot of activity in the Iowa City real estate market at the moment – They’re just not translating into closed sales just yet. I’ll be watching how the housing market shapes up in Iowa City as we head into the Spring market.
The average price for a single family home in February 2011 was $232,522 compared to $223,557 in 2010. The average price for condos in Iowa City was $211,553 in February 2011 compared to $133,833 in February 2010. The average price for condos is skewed by the highest priced condo to sell in February 2011. A condo on Marietta Ave sold for $619,817 in February 2011. When you take the median price for condos the year over year numbers look better. The median price in February 2011 was $146,500 compared to $131,500 in February 2010.
As far as the days on market are concerned, according to data from the Iowa City Area MLS single family homes spent less time on the market than condos in February 2011. The average number of days for single family homes in 2011 was 88 compared to 157 in 2010. For condos it was an average of 112 days on market in 2011 compared to 133 in 2010. I think the data for days on market is highly manipulated due to expired listings and re-listed properties and would suggest you talk to a Realtor about the actual absorption rate (aka days on market).
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 March 17, 2011