Home Sales in Iowa City are not quite as strong in September as they were in August. 39 homes sold in Iowa City so far this month compared to 44 sold in the same time frame in 2012. On the up side, 77 homes are showing as pending or contingent. That’s up from 72 last month. The inventory of homes on the market is up a bit compared to last month with 327 homes on the market.
One month of slower home sales does not make a trend. Fewer home sales at this time of the year is very typical for the Iowa City real estate market and the fact there are more homes under contract than last month balances that out anyway. This post looking at Home Sales in Iowa City in 2012 shows that the trend is in line with what is typical for the area at this time of the year.
The small 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 4.0 months, (122 days on market). That’s up from 3.9 months in August and 3.7 months in July. 6 months is a balanced market. Less than 6 months is considered a seller’s market – 4.0 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.
327 Active Listings
77 Homes Pending or Contingent
39 homes sold in Iowa City in September so far – 31 Single Family Homes, 7 Condos, 1 Zero Lot
There are still a few days left in September 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 September 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 September 27, 2013