It’s Monday and the last day of the month – An excellent opportunity to take a first look at home sales in Iowa City for the month of October. At the beginning of the month it didn’t look like we were going to break any records for the month. I’m happy to say that changed and as of 5.30pm today 58 homes sold in Iowa City in October 2011. Only one of the houses on that list closed today so it’s pretty clear that we can expect that number to go up in the coming days as the last day of the month is generally a good day for closings – We just have to wait for agents to enter the data into the Iowa City MLS before I can start sharing it with you. To put some perspective on the number of homes sold this month, 43 homes sold in October 2010. That makes for an almost 35% increase over October last year and even more impressively home sales in Iowa City are up by 52% compared to last month. There are 59 homes listed as pending or contingent and 398 currently showing as active listings on the Iowa City MLS.
The Iowa City real estate market is certainly picking up nicely now. In fact at the beginning of the month I said the we were moving at a slow trot, I’d say we’ve definitely progressed to a gallup now! Stay tuned for updates, with the weather playing ball too this positive trend in the housing market in Iowa City is likely to continue through November.
398 Active Listings
59 Homes Pending or Contingent
58 Homes Sold in Iowa City in October 2011 – 39 Single Family Homes, 16 Condos, 3 Zero Lots
The Absorption Rate is at 6.1 months. That’s an average of 186 days on market. It was 6.4 months in my last update.
Source for data: Iowa City Area MLS October 31, 2011