25 homes sold in Iowa City in January so far. That puts home sales way ahead of January 2011 when only 13 homes sold in the entire month. The real estate market in Iowa City is getting off to a great start in 2012!
46 homes are listed as pending or contingent and 310 homes are currently showing as Active Listings on the Iowa City MLS. I’m going to say something now that I wasn’t saying last year at this time. We need more inventory! I know for a fact buyers are looking for fresh listings. If you’re on the fence about selling your home, now would be a REALLY good time to list it.
310 Active Listings
46 Homes Pending or Contingent
25 homes sold in Iowa City in January to date – 21 Single Family Homes, 3 Condos and one Zero lot
The Absorption Rate is at 4.5 months. That’s an average of 137 days on market, (and technically a sellers market). If you follow the link you’ll find out more about how the absorption rate is calculated. The number of active listings is part of that calculation and since that number is still pretty low it could be that the absorption rate is skewed lower than it really is.
That said, the low inventory is a good sign. (At least from a sellers’s perspective, and for the economy in general come to that). Houses are selling in greater numbers again. If this trend continues in the coming months we could see a more stable and balanced market in Iowa City very soon.
Consider this your go to destination for information about the Iowa City real estate market and check back often for updates. Since there is so much misinformation around about how the housing market is doing I consider it my mission to prove with data that housing trends in Iowa City are looking good and things are humming along just nicely in this neck of the woods.
Data for this market update pulled from the Iowa City MLS January 27, 2011