It’s full steam ahead for the Iowa City real estate market as the spring market kicks in. 30 homes sold so far this month. That’s not the most impressive number though – It’s the number of homes contingent or sale pending that give the biggest indication of the high level of buyer activity in Iowa City. 178 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 March (Last year’s numbers looked a whole lot different with A LOT more homes on the market and a lot less under contract!)
The absorption rate is at 4.6 months, that’s an average of 140 days on market. That’s up a bit from the 4.1 months in February – The absorption rate is calculated by looking at both the number of homes sold and active listings. As more sellers list their homes for sale in Iowa City the number of active listings goes up and with it the absorption rate. In this busy spring market it’s likely that the market will “absorb” homes quicker and the absorption rate will stay low throughout the spring months.
340 Active Listings
178 Homes Pending or Contingent
30 homes sold in Iowa City in March to date – 21 Single Family Homes, 8 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 need to move fast if they see a house or condo they like – The good homes get 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. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.