July has been quite a month for the real estate market in Iowa City with home sales picking up quite a bit. So much so that I’m only now getting to my market reports for June! The numbers for June weren’t great. 137 homes sold in Iowa City in June 2011 compared to 200 in June 2010. The first time homebuyer tax credit was around for the first half of last year and had a big impact on home sales in the Iowa City area so the fact that home sales are down for the first six months of this year really shouldn’t surprise us. If July is anything to go by we’re in for better times ahead. When you look at the number of homes sold in June think of the bigger picture. On the whole my market reports for the first half of the year haven’t exactly been full of good news. I’m looking forward to sharing a lot more positive data in the second half of the year.
The average price for a single family home in June 2011 was $210,642 compared to $223,794 in June 2010.The average price for condos in Iowa City was $149,099 in June 2011 compared to $146,264 in June 2010.
The median price for a single family home in June 2011 was $193,000 compared to $195,000 in June 2010.For condos the median price was $142,000 in June 2011 compared to $134,900 in June 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 June 2011 compared to June 2010. Single family homes spent an average of 98 days on market in June 2011 compared to 82 days in June 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 July 31, 2011