41 homes sold in Iowa City in March 2011 compared to 45 in March 2010. Last year the first time homebuyer tax credit pulled home sales forward and bumped up the numbers for the year. When you take that into account the number of homes sold this year looks really good. Altogether there is a lot of activity in the Iowa City real estate market at the moment. I’ll be watching to see how the housing market shapes up in Iowa City in the coming months so check back for updates, these market reports are a regular feature on the blog.
The average price for a single family home in March 2011 was $239,739 compared to $211,983 in 2010. The average price for condos in Iowa City was $174,254 in March 2011 compared to $121,928 in March 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 March 2011 compared to 2010. Single family homes and condos both spent an average of 109 days on market in March 2011 compared to 93 days for single family homes and 87 days for condos in 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 April 11, 2011