Home Sales in Iowa City have been very active throughout the winter months and December is no exception! 49 Homes Sold so far in Iowa City this month compared to 43 in December 2013. There may be a few more closings before the end of the year and the number of homes sold in Iowa City this month will creep up a bit. What that means is that home sales have been on the rise since September making for a very active fall and winter real estate market in Iowa City.
Sellers are always interested to know how long it takes for homes to sell. This month we have some interesting data to look at to show how long it took the 49 houses and condos that sold so far this month to sell. The chart below shows how many homes sold under 30 days and looking at the other end of the spectrum, how many homes in Iowa City took more than 90 days to sell. Even in an active market some houses take longer to sell than others and December was a good month for homes that had been on the market longer.
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. If we look at how many homes are under contract compared to how many homes are active listings waiting for the right buyer, then we can gauge how active the market is. The more homes there are under contract, the more buyers there are out and about actively writing contracts. 18% of the homes in Iowa City listed on the MLS are under contract. Lots of sellers take their homes off the market for the holidays. I wouldn’t be surprised to see a jump in this number next month when more homes come on the market.
The real estate market in Iowa City continues to be active throughout the winter months, with both single family home and condo sales on the rise. In a couple of days I will be starting on my market reports for the year. Watch out for those to see just how well the Iowa City real estate market did in 2014.
Do you have a house to sell in Iowa City? I’m a straight talking Realtor who knows the ins and outs of the Iowa City real estate market and knows how to get your home sold. Homes don’t sell themselves – A good agent will be what makes the difference between a home selling quickly and it languishing on the market.
Looking to buy a home in Iowa City? At Cardinal Realty we represent both buyers and sellers, (just preferably not in the same transaction). Whether you’re buying or selling a home the agent you work with WILL make a difference. (You might even be surprised just how much!) Work with an agent committed to putting in the time and effort needed to make yours a smooth and easy move.
Call Denise at 319-400-0268 for help selling your home or buying your next home in Iowa City.
Data provided via the Iowa City MLS December 29, 2014