Home sales in Iowa City hit it right out of the park in July. 144 homes sold in Iowa City in July 2011 compared to 73 homes sold in July 2010. That’s a 97% increase over last year! Phenomenal data on the heels of the pretty grim economic news of the last couple of days with the US losing its AAA credit rating and Freddie and Fannie being downgraded too. I’m hoping that doesn’t rattle these happy home buyers and I can continue bringing you good news about the Iowa City real estate market throughout the second half of the year.
The average price for a single family home in July 2011 was $230,797 compared to $211,017 in July 2010.The average price for condos in Iowa City was $131,254 in July 2011 compared to $144.333 in July 2010.
The median price for a single family home in July 2011 was $212,500 compared to $194,000 in July 2010.For condos the median price was $122,500 in July 2011 compared to $129,325 in July 2010.
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 July 2011 compared to June 2010. Single family homes spent an average of 101 days on market in July 2011 compared to 86 days in July 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.
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 August 8, 2011