July is turning out to be quite a month. I’m so busy I barely have time to blog! I’m not the only busy Realtor in town either. According to data pulled from the Iowa City MLS today the number of homes sold in Iowa City this month to date is at 88. We’re only at the middle of the month and that’s already a 20% increase on homes sold in the entire month of July last year. (73 homes sold in Iowa City in July 2010). There are currently 109 homes Sale Pending or Contingent listed on the Iowa City MLS. And as the number of home sales and pending sales rises the number of homes showing as Active Listings has dropped significantly, which is just what we want to happen to put us on the road of a more balanced market.
459 Active Listings
109 Homes Pending or Contingent
88 Homes Sold in Iowa City in July to date – 53 Single Family Homes, 31 Condos and 4 Zero Lots.
The Absorption Rate has also gone down a bit this week and is at 7.6 months. That’s an average of 231 days on market. These are excellent numbers and give us good reason to be optimistic about the Iowa City real estate market as we kick off the second half of the year. Check back for updates. I hope I can keep the good news coming!
Source for data: Iowa City Area MLS July 19, 2011