A quick look at the data shows another good month for home sales in Iowa City in December. 37 homes sold in Iowa City so far this month compared to 41 sold in December 2012. With several working days still available for closings this month it looks like beating last year’s number should be easy!
258 Active Listings
39 Homes Pending or Contingent
37 homes sold in Iowa City in December to date – 24 Single Family Homes, 11 Condos, 1 Zero Lot, 1 Acreage
There are 39 homes showing as pending or contingent. The number of homes under contract is down compared to last month, but that’s hardly surprising in a month that is full of distractions due to the Holidays. I’m sure the very cold December didn’t help either! The inventory of homes on the market is also down significantly compared to last month with just 258 homes on the market. Again, it’s not surprising to see less homes on the market in December. Look for a sharp increase in the number of homes on the market after January 1st from smart sellers who want to get a jump on the spring market. (Not to mention sellers re-listing their properties in the New Year after taking them off the market for the Holidays).
The absorption rate in Iowa City is down again this month. The absorption rate is at 3.1 months, (95 days on market). That’s down from 3.6 months last month. As I mentioned in the last paragraph, the low inventory skews some of the numbers a bit this month. The absorption rate will probably go up again once we hit January and more homes come on the market.
The thing to remember with my market reports is that data doesn’t mean a lot if you don’t put it in context. The absorption rate will probably go up in January and if you are thinking of listing or buying a home in Iowa City you’ll need to look at a combination of market indicators to decide what exactly is going on in the Iowa City real estate market and how it’s likely to affect you and your particular circumstances. Real estate is local and it’s also seasonal. That’s why whether you’re buying or selling a home it will be a good idea to talk to a Realtor before you move forward – The national media is not a good source for local information about the real estate market in Iowa City – A local Realtor who knows the Iowa City area market is a much better one!
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 what will work for you and what won’t. I have a reputation for saying what I think and communicating that in a clear fashion, (just like in my blog) – This is a trait that is much appreciated by clients past and present.
Data pulled from the Iowa City MLS December 26, 2013
Check back for updates to see how the Iowa City real estate market continues to do through 2014.