April is another good month for the Iowa City real estate market. 42% of the homes on the market are under contract. That’s a very good sign that there are lots of buyers out writing contracts. The turnover rate of homes on the market is looking very good with only a low number of homes taking more than 90 days to sell. Home sales in Iowa City in April haven’t quite made it to last year’s number, but there are still a few days to go and with an ever rising number of homes under contract we can look forward to strong summer sales. 49 homes sold in Iowa City in April compared to 57 in April 2014. That number will definitely change by the end of the month, with the last business day of the month always being high on closings.
Market Snapshot Iowa City April 28, 2015
How long did it take houses and condos to sell in Iowa City in April? The chart below shows that just 6 of the 49 homes sold took more than 90 days to sell. Most sellers would agree that to get a house or condo from listing to sold in under 90 days is a very reasonable time on market. This quick turnover rate of homes is another great sign of just how well the Iowa City real estate market is doing. It should be noted, if you are a seller sitting on a house that’s not selling in Iowa City, it’s always good to reevaluate the situation every 30 days, just to make sure you’re still positioned where you need to be to get an offer.
Number of Homes Sold / Days on Market April 28, 2015
Looking at home sales tells us what’s been going on in the market in the past. To get a feel for what’s going on in “real time” it’s a good idea to look at the contract to listing ratio. This tells us how many buyers are out and about writing contracts. 42% of the homes in Iowa City listed on the MLS are under contract. That’s an 8% increase over last month and definitely a sign of an active real estate market!
Contract to Listing Ratio Iowa City April 28, 2015
The real estate market in Iowa City is looking good. There are lots of buyers out and about and an increase in sellers listing their homes too. Albeit, the savvy buyer needs to move fast, the best homes often go under contract within days, sometimes on the same day they are listed.
The increase in inventory indicates that more sellers are getting into the game. If you’re a seller who’s been sitting on the fence a while thinking about listing your home for sale, keep in mind that Iowa City is a very transient town in the summer months. All that mobility means opportunities for sellers!
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.
Data provided via the Iowa City MLS April 28, 2015