The Iowa City real estate market is in fine shape as we get poised for the spring market. The icy cold weather this month did not deter buyers one bit and Home Sales are up again for the 6th straight month. 44 Homes Sold in Iowa City this month compared to 33 in February 2014. Homes under contract are also on the rise with a big jump compared to last month – That right there is confirmation that there’s lots of buyer activity in Iowa City right now despite the sub-zero temps!
Market Snapshot Iowa City February 28, 2015
How long did it take houses and condos to sell in February? The chart below reveals that even in a busy market not all houses sell fast. In fact what’s interesting this month is that homes either got quick offers or had a long wait. There’s not a lot going on in the middle. 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 February 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. 26% of the homes in Iowa City listed on the MLS are under contract. That’s a big increase over last month and definitely a sign that the spring market is heating up already!
Contract to Listing Ratio Iowa City February 28, 2015
The real estate market in Iowa City is certainly hotting up ready for the spring market. Inventory is still low with a lack of choices for buyers. That means buyers need to be on the lookout for new listings as the best ones are going fast!
There are great opportunities for sellers in Iowa City right now with the spring market coming up and lots of buyers out and about. If you’ve been sitting on the fence a while thinking about listing your home for sale, now is the time to make your move!
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 February 28, 2015