Home Sales in Iowa City are up again in October. 44 homes sold in Iowa City so far this month compared to 36 sold in the same time frame in 2012. Interestingly it’s condo and zero lot style homes that show the biggest increase in sales compared to last year. That’s surprising and encouraging as condo sales took a hit during the downturn and have a lot of catching up to do. It’s a good sign that condo sales are on the rise again.
The rise in inventory of homes on the market also led to another slight rise in the absorption rate in Iowa City this month. The absorption rate is at 4.2 months, (126 days on market). That’s up from 4.0 months in September and 3.9 months in August. 6 months is a balanced market. Less than 6 months is considered a seller’s market – 4.2 months is still in the seller’s market bracket, although with the inventory of homes on the market rising and home sales starting to slow down as we head towards Fall the absorption rate is likely to rise in the coming months. This is very typical for the Iowa City real estate market. This post looks at Home Sales in Iowa City in 2012 and shows that the trend is in line with what is typical for the area at this time of the year.
340 Active Listings
55 Homes Pending or Contingent
44 homes sold in Iowa City in October to date – 24 Single Family Homes, 14 Condos, 6 Zero Lots,
There are still a few days left in October and the number of homes sold will rise before then. Check back for updates to see how the Iowa City real estate market continues to do through October 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. Sound advice and guidance are just a phone call or email away!
Data pulled from the Iowa City MLS October 23, 2013