13 homes sold in Iowa City in January 2011 compared to 17 in January 2010. 6 single family homes, 5 attached condos, 1 detached condo and 1 zero lot. The interesting thing about the numbers is that it seems condo sales are on the rise. That was the case for the number of condos sold in December and now in January. At least when it comes to condos it looks like the market may be turning around. That’s great news as we head towards the spring market. (Typically the strongest selling time of the year for condos).
Generally speaking the prices reflect the winter market as far as single family homes are concerned. We still have a buyer’s market and they are still putting pressure on prices. Condo prices are looking better. 3 of the condos that sold in January were new construction and sold either at or higher than list price. (Possibly due to upgrades). I don’t think the price of new construction condos can be compared to regular condo sales so it doesn’t make sense to speculate about what these numbers mean to the spring market.
As far as the days on market are concerned, according to data from the Iowa City Area MLS single family homes spent more time on the market than condos. The average number of days for single family homes in 2011 was 149 compared to 105 in 2010. For condos it was an average of 106 days on market in 2011 compared to 100 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).
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Source for data: Iowa City Area MLS February 3, 2011