When you look at the pie chart below it’s easy to see that we have loads of buyer activity in Iowa City with a whopping 296 homes under contract – That’s almost half of the pie! Putting that into more technical terms, that’s a 46% contract to listing ratio. In other words, 46% of the homes currently on the market are under contract. That’s a number that clearly indicates LOTS of buyer activity!
Surprisingly, once again these good stats don’t translate into home sales this month. 47 homes sold in Iowa City so far in April, with only a couple of days to go in April it’s hard to imagine we’ll beat the 70 homes sold in April 2013. Watch out for my next market report, you never know, 23+ homes might just sell in the next 2 days and you’ll find out first here!
336 Active Listings
296 Homes Pending or Contingent
47 homes sold in Iowa City in April to date – 48 Single Family Homes, 20 Condos, 1 Zero Lot and 1 income property
While the contract to listing ratio looks at the market in “real time,” the absorption rate is another tool to gauge market conditions and looks at past sales. Calculating the absorption rate is a great way to see how the market is trending. This month the absorption rate is at 4.2 months, (126 days on market). That’s not as low as North Liberty, where homes are selling faster, but as long as the absorption rate stays between 3 – 6 months the market is in great shape offering opportunities to both buyers and sellers.
Check back for updates to see how the Iowa City real estate market continues to do now that the peak selling time of the year is upon us.
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 April 28, 2014