Home Sales in Iowa City are up in July. 168 homes sold in Iowa City so far this month compared to 149 in July 2012. The number of homes pending or contingent is also still pretty high considering it’s getting late in the selling season. The inventory of homes on the market is low in Iowa City with just 291 homes on the market. The demand for homes is higher than the supply of homes and that’s really good news for sellers of course. After several years good for buyers the trend in the Iowa City real estate market is turning towards sellers.
The absorption rate is at 3.7 months, that’s an average of 112 days on market. That’s another sign on just how good the real estate market in Iowa City is doing. 6 months is a balanced market. Less than 6 months is considered a seller’s market – 3.7 months puts us well into the sellers market bracket.
291 Active Listings
113 Homes Pending or Contingent
168 homes sold in Iowa City in July – 110 Single Family Homes, 47 Condos, 7 Zero Lots
What do these numbers mean for buyers and sellers in the Iowa City area? 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!
Buyers on the other hand don’t have as many choices as they’ve had in the past few years. The increased activity means that if you see a house or condo you like you shouldn’t think about it too long. The good homes get snapped up fast!
Check back for updates to see how the Iowa City real estate market continues to do through 2013.
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 July 29, 2013