The Iowa City real estate market is hopping this spring. The pie chart shows that the number of homes sold in Iowa City and homes pending or contingent dominate the chart. The inventory of homes on the market is low in Iowa City. The demand for homes is higher than the supply of homes and that’s something we haven’t experienced in a few years! This is very good news for sellers of course – I’ve said it before, every market is good for someone and this one is swinging back from a buyer’s market to a seller’s market!
The absorption rate is at 3.9 months, that’s an average of 117 days on market. That’s another sign on just how good the real estate market in Iowa City is doing – The absorption rate in Iowa City hasn’t been under 4 months in a while. The absorption rate is calculated by looking at both the number of homes sold and active listings. In this busy spring market the market is “absorbing” homes quicker and the absorption rate will stay low and maybe go even lower throughout the summer months.
299 Active Listings
292 Homes Pending or Contingent
115 homes sold in Iowa City in May – 76 Single Family Homes, 35 Condos, 4 Zero Lots
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. Sound advice and guidance are just a phone call or email away!
Data pulled from the Iowa City MLS May 31, 2013