March looks set to be the 9th straight month where we see in increase in home sales in Iowa City. 31 homes sold in Iowa City in March so far compared to 30 this time last year. 109 homes are listed as pending or contingent and 477 homes are currently showing as Active Listings on the Iowa City MLS.
The Absorption Rate is at 6.9 months. That’s an average of 210 days on market. If you follow the link you’ll find out more about how the absorption rate is calculated. The absorption rate is up quite a bit since the beginning of the year and has to do with the fact that inventory of homes on the market is higher. Until homes start closing in greater numbers the absorption rate won’t go down since the calculation looks at both sets of data – the active listings AND the number of homes sold. With the peak selling time just around the corner we can expect a lot of closings in the coming months and that will certainly have a positive impact on the absorption rate.
477 Active Listings
109 Homes Pending or Contingent
31 homes sold in Iowa City in March to date – 17 Single Family Homes, 10 Condos, 2 Zero lots and 2 Income / Investment properties
What’s the takeaway for buyers from the info in this market update? Home sales are up in Iowa City. At the same time the large number of homes on the market means opportunities for buyers. As long as there are more homes on the market than buyers to buy them, there will continue to be opportunities for buyers to get a great deal on price. Add to that the great interest rates and you can see that buyers can get a whole lot of house for the money in Iowa City in the current market.
The good news for sellers is that homes are selling again. The not so good news is that there’s A LOT of competition out there. If you want to sell your home in Iowa City it needs to be in great shape and priced right. Buyers have lots of choices and your house needs to stand out from the crowd to get noticed.
Are you looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data for this market update pulled from the Iowa City MLS March 19, 2012