Checked the Iowa City MLS this Morning and the number of homes sold in Iowa City for the month of May has jumped to 68. There are 188 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 568 homes in Iowa City showing as Active Listings.
The Absorption Rate is at 8.5 months this week, that’s an average of 259 days on market. The number of homes sold and pending is definitely on the rise and June and July are the biggest months for closings in Iowa City so we’ll probably see bigger changes in the absorption rate in the next couple of months.
568 Active Listings
188 Homes Pending or Contingent
68 Homes Sold in Iowa City in May to date – 45 Single Family Homes, 18 Condos and 5 Zero Lots.
40 single family homes, 33 condos and 2 zero lots sold May 1 – May 24, 2010. It seems buyers are more interested in single family homes than they are in condos this year. We have a lot of condos in Iowa City. This is not the best news for condo owners. The market is always good for someone though and if you’re thinking of buying a condo this could translate into a great buying opportunity for you.
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 May 24, 2011