Home sales continue strong through September in Iowa City. 30 homes sold in Iowa City so far in September. The number of homes sold in all of September 2011 was 38. With almost 2 weeks of this month left, I’d say there’s a better than good chance that we’ll see a major increase in last year’s number by the end of the month. There are 353 homes currently listed on the Iowa City MLS showing as active and 49 homes are contingent or sale pending.
The Absorption Rate is down below 5 months for the first time in a while and at 4.7 months. That’s an average of 142 days on market. The absorption rate is calculated by looking at the number of homes sold and the number of active listings. This time last year we had a whole lot more homes on the market in Iowa City. Less homes on the market and a steady increase in home sales is exactly the trend we want to see to get the absorption rate lower. As we head towards Fall all the data points to the real estate market in Iowa City improving on all fronts.
353 Active Listings
49 Homes Pending or Contingent
30 homes sold in Iowa City in September to date – 23 Single Family Homes, 5 Condos, 2 Zero Lots
If you’ve got a house to sell in Iowa City, things are looking up for you. The peak selling time might be over, but with vacation time over and interest rates where they’re at buyers are feeling more confident and ready to get back into the game of buying real estate in Iowa City. Of course that doesn’t mean that you don’t have competition from other sellers out there. The trick is to make sure your house is priced right and in great showing shape. You want your house to be the one buyers notice so put your best foot forward and see to it that your house rises above the competition.
If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. All things being equal, that could change anytime. Well priced homes that show well are selling fast, especially if they’re in what’s considered a prime location – Close to downtown, walking distance to Campus, close to the UIHC. If you’re not tied to a “hot” location, you as a buyer still have lots of choices. And with interest rates still at historic lows you can get a lot of house for your money!
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City? Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!
Data for this market update pulled from the Iowa City MLS September 17, 2012. Due to the dynamic nature of the MLS this data is time sensitive.