94 homes sold in Iowa City in May 2011 compared to 96 in May 2010. That’s a big improvement compared to April when the year over year number of homes sold was down. The great news is that single family home sales are up by 17%. The not so great news is that condo sales are still struggling and down by 44%. There are some major shifts going on in the Iowa City real estate market right now. Looking at the data so far this year we still have some catching up to do and it’s going to take a while to get back to a more balanced market. Whether you’re buying or selling a home, data is your friend. If you want to stay on top of what’s going on in the Iowa City real estate market check back often for updates. June and July are the biggest months for closings in Iowa City and contingent and pending sales are on the rise. By the end of the summer we’ll have a much clearer picture of how the housing market in Iowa City is doing.
The average price for a single family home in May 2011 was $236,819 compared to $205,754 in May 2010. The average price for condos in Iowa City was $145,209 in May 2011 compared to $148,904 in May 2010.
The median price for a single family home in May 2011 was $191,000 compared to 189,000 in May 2010. For condos the median price was $133,500 in May 2011 compared to $145,000 in May 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 May 2011 compared to May 2010. Single family homes spent an average of 98 days on market in May 2011 compared to 76 days in May 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. This post about absorption rate explains a little more about what I mean with that.
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 June 15, 2011