2014 is starting with a bang in Iowa City with home sales up in January compared to last year. 29 homes sold in Iowa City in January 2014 compared to 16 sold in January 2013. It’s still single family homes that are most popular with buyers. That’s not unusual in the winter months – Condo sales typically take a big jump in the spring and summer market.
281 Active Listings
63 Homes Pending or Contingent
29 homes sold in Iowa City in January – 22 Single Family Homes, 5 Condos, 2 Zero Lots,
There are 63 homes showing as pending or contingent. That’s a good, high number of homes for this time of the year and up from 39 last month. The inventory of homes on the market is up a little from last month, but we need a lot more sellers to list their homes considering the level of buyer activity in Iowa City right now.
What am I gauging the buyer activity on you ask? I do that by looking at the homes under contract. When you think about it, 63 homes under contract is impressive in winter and all the more impressive when you consider that many of those buyers were looking at homes in sub zero temps in a VERY cold January! You have to REALLY be a motivated buyer to do that!
The absorption rate is at 3.4 months, (102 days on market). That’s up slightly from 3.1 months last month. The slight rise shouldn’t concern sellers at all – The absorption rate is likely to fluctuate quite a bit in the coming months as more homes are listed. As long as the absorption rate stays under 4 months and we continue to have increased buyer activity, it’s full steam ahead for the Iowa City real estate market and a great time for sellers as we head towards Spring!
Check back for updates to see how the Iowa City real estate market continues to do as we head towards Spring and the peak selling time of the year.
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 just a phone call or email away!
Data pulled from the Iowa City MLS January 31, 2014