Real estate is seasonal and there are always less closings in August than in June or July. That’s why we typically compare year over year numbers rather than look at home sales month for month. This August it looks like home sales in Iowa City will be down for the month compared to last year. 83 Homes sold so far this month compared to 109 homes sold in August 2013. The shortfall is mainly with single family homes. 70 sold in Iowa City in August 2013 compared to 49 this month so far. The upside of that statement is that condo sales are looking good in Iowa City. Considering just a few years ago condo owners were in a tough position with condo sales being the hardest hit in the down turn, this is very good news!
The absorption rate, or days on market is also holding steady at 4.4 months and continues to trend towards a seller’s market in Iowa City. The contract to listing ratio is quite low, with only 18% of the homes listed on the MLS under contract. That means there haven’t been too many buyers writing contracts this month, which might slow down the turnover rate for homes in Iowa City if buyers don’t pick up the pace next month.
Fall is around the corner and you might want to check back next month to find out where the Iowa City real estate market is headed. An even easier way to get market updates is to sign up and get Updates Via Email.
Are you looking for the right Realtor to help you navigate the complexities of the Iowa City real estate market, all the while looking out for you and your money? Cardinal Realty represents both buyers and sellers, (just preferably not in the same transaction). Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.