Home Sales in Iowa City in January weren’t great, but it looks like we’re making up for it big time in February. 23 homes sold so far this month compared to 22 in all of February 2012. That’s pretty positive news right there, but the really good news is the number of homes under contract – 102 homes are showing as Contingent or Sale pending on the Iowa City MLS. That’s A LOT more homes under contract than we usually see in February and a lot of closings to look forward to in the next couple of months!
The absorption rate is at 4.1 months, that’s an average of 124 days on market. There is a low inventory of homes on the market in Iowa City right now and that helps the absorption rate – The absorption rate is calculated by looking at both the number of homes sold and active listings. Normally I’d say the absorption rate is likely to go up as more homes come on the market in the Spring, but considering how many homes are under contract I’m not so sure about that. If this buyer activity keeps up 2013 will be a really good year for the Iowa City real estate market. Check back next month and we’ll know more!
296 Active Listings
102 Homes Pending or Contingent
23 homes sold in Iowa City in February to date – 19 Single Family Homes, 3 Condos, 1 Zero Lot
What do these numbers mean to you if you’re buying or selling a home in the Iowa City area? With so many homes under contract buyers really need to move fast if they see a house or condo they like. It looks like the good homes are being snapped up fast!
This big increase in buyer activity is great news for sellers. If you’ve got a house in Iowa City to sell now is definitely the time to get it on the market!
Check back for updates to see how the Iowa City real estate market continues to do through 2013. I’m really expecting good things!
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. Sound advice and guidance are a phone call or email away.