The positive trend in the housing market in Iowa City continues with home sales up in August. 88 homes sold in Iowa City so far this month compared to 69 sold in the same time frame in 2012. 72 homes are showing as pending or contingent. The inventory of homes on the market is up a bit compared to last month with 317 homes on the market. It’s really not surprising to see the number of homes on the market in Iowa City rise this month. It’s a natural development for the demand for homes to go down as the peak selling season comes to an end. Real estate is seasonal and nowhere is that more apparent than Iowa City where the transient nature of the town has a big influence on home sales in the area. It will be interesting to see how the real estate market in Iowa City develops in the coming months as we head towards Fall.
The small rise in inventory of homes on the market also led to a small rise in the absorption rate in Iowa City this month. The absorption rate is at 3.9 months, (118 days on market). That’s up from 3.7 months in July so hardly worth noting. 6 months is a balanced market. Less than 6 months is considered a seller’s market – 3.9 months is still very much in the seller’s market bracket and a sign that the Iowa City real estate market is in great shape.
317 Active Listings
72 Homes Pending or Contingent
88 homes sold in Iowa City in August so far – 57 Single Family Homes, 22 Condos, 4 Zero Lots, 2 Acreages, 3 Income Properties
There are still a few days left in August and the number of homes sold will rise before then. Check back for updates to see how the Iowa City real estate market continues to do through August 2013 and beyond.
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell your home in Iowa City? Give me a call at 319-400-0268 or drop me an email. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.
Data pulled from the Iowa City MLS August 26, 2013