June is historically the busiest month for closings in Iowa City. I checked the Iowa City MLS this morning and the number of homes sold in Iowa City in the month of June to date is at 88. There are 151 homes Sale Pending or Contingent. (Sale Pending or Contingent means they have accepted offers that may still have contingencies on them to fulfill before closing). There are currently 542 homes in Iowa City showing as Active Listings.
The Absorption Rate is at 9.2 months this week, that’s an average of 279 days on market. We still have lots of inventory to get through in Iowa City and although we’re moving in the right direction home sales are down compared to last year. This applies especially to condos. Condo sales were down significantly as you can see in my May Market Report and that trend continues through June. It’s going to take a while before we get back to a more balanced market… Of course every market is good for someone and this market continues to hold opportunities for buyers!
542 Active Listings
151 Homes Pending or Contingent
88 Homes Sold in Iowa City in June to date – 51 Single Family Homes, 33 Condos and 4 Zero Lots.
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.
Source for data: Iowa City Area MLS June 20, 2011