Home sales in Iowa City this month are up 12% compared to July 2014. 197 homes sold in July 2015 compared to 175 homes sold in Iowa City in July 2014. Since the last day of the month is a very popular day for closings there’s a good chance that number will increase on Monday when more agents update their listings on the MLS.
Market Snapshot Iowa City July 31, 2015
How long did it take houses and condos to sell in Iowa City in July? The chart below shows that 59% of homes sold in under 60 days. The fact that so many homes are selling with a low market time is good indicator of a strong market.
Not all homes sell fast, the chart below shows that. A good number of homes took more than 90 days to sell. Buyers should be sure to do their due diligence before making an offer on a house. Even in an active market there are opportunities for buyers and they should make sure they’re working with an agent who knows the market and can give them all the information they need to make the best decisions.
Number of Homes Sold / Days on Market July 31, 2015
In my market reports I look at a variety of market indicators to see how the Iowa City real estate market is trending. The contract to listing ratio shows us what is going on in the market place in “real time.” In other words, how many buyers are out and about writing contracts. This month the number of homes under contract has dropped considerably compared to the last few months. 26% of the homes listed on the Iowa City MLS are under contract. That’s a pretty big drop from last month’s 41%, but then it is vacation time so it’s not really a big surprise.
Contract to Listing Ratio Iowa City July 31, 2015
This market snapshot for July shows that the Iowa City real estate market remains active, although not “hopping” as it was earlier in the year. There are still buyers out and about writing contracts, just not as many as in the peak selling period. There is an increase in sellers listing their homes so it will be worth checking back to see whether more buyers enter the market place once vacation time is over. Considering how active the real estate market in Iowa City has been throughout this year, it seems likely that will happen. In the absence of me having a crystal ball though, we’ll all have to wait for future market reports to find out that for sure!
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 July 31, 2015