2013 is almost over and the Iowa City real estate market is going out of the year in style. Home Sales in Iowa City are up again in November. 43 homes sold in Iowa City so far this month compared to 35 sold in the same time frame in 2012. Unlike last month when condo sales were up, it’s single family homes that lead home sales in Iowa City in November with single family home sales up by 50% (33 sold in 2013 compared to 22 in 2012).
300 Active Listings
59 Homes Pending or Contingent
43 homes sold in Iowa City in November to date – 33 Single Family Homes, 8 Condos, 1 Zero Lot,
There are 59 homes showing as pending or contingent. That’s a good, high number of homes for this time of the year and up from 55 last month. The inventory of homes on the market is down significantly compared to last month with 300 homes on the market. It’s not at all unusual for the number of homes on the market to drop at this time of the year. Having a house listed for sale over the Holidays is often very disruptive to the normal routine and many sellers would rather avoid that. We’re sure to see an increase in inventory of homes on the market once we get past January 1st.
The drop in inventory plus the good increase in home sales in November had a positive effect on the absorption rate in Iowa City this month. The absorption rate is at 3.6 months, (110 days on market). That’s down from 4.2 months last month. As I mentioned in the last paragraph, the low inventory skews some of the numbers a bit this month. The absorption rate will probably go up again once we hit January and more homes come on the market. None of that changes the fact that the trend in the Iowa City real estate market is positive on all fronts. There are still lots of buyers out and about making offers on homes and we’re right on track to go out of the year on a high!
Check back for updates to see how the Iowa City real estate market continues to do through November 2013 and beyond.
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.
Data pulled from the Iowa City MLS November 27, 2013