This month the most important piece of information in this update is not the number of homes sold, but the number of homes Contingent or Sale pending. 68 homes are under contract in Iowa City and those are homes that will close in the near future. That number is up by 18 compared to last month. That’s a high number for this time of the year.
The other notable data is that there are significantly less homes on the market this year compared to last year. There are 299 homes listed as active on the Iowa City MLS in Iowa City right now. That’s compared to 355 last year. That’s another good sign.
All of this information softens the not so good news that 20 homes sold in Iowa City so far in November. 49 homes sold in all of November 2011. Will we beat that number by the end of the month? It seems like a stretch, even with the increased number of homes under contract – We don’t have that many business days left this month. That said, analyzing data means looking at the bigger picture and with the good numbers for homes contingent or sale pending and the lower inventory, these are all positive indicators that the Iowa City real estate market will back on track with home sales before too long.
The absorption rate is at 4.1 months, that’s an average of 124 days on market. This time last year the absorption rate was at 5.4 months. (This is another one of those good indicators I was talking about in the last paragraph). There is much less inventory on the market in Iowa City right now and that helps the absorption rate – The absorption rate is calculated by looking at both the number of homes sold and active listings.
299 Active Listings
68 Homes Pending or Contingent
20 homes sold in Iowa City in November to date – 14 Single Family Homes, 4 Condos, 1 Zero Lot, 1 Acreage
Check back for updates to see how the Iowa City real estate market does through the winter months.
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.