Home sales in Iowa City in June are set to be about the same as last year based on today’s snapshot of the Iowa City market. 169 homes sold so far in June 2015 compared to 179 homes sold in Iowa City in June 2014. Since the last day of the month is a very popular day for closings there’s a better than average chance we will match last year’s number of homes sold by the end of the day tomorrow.
Market Snapshot Iowa City June 29, 2015
How long did it take houses and condos to sell in Iowa City in June? The chart below shows that 63% 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. 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 June 29, 2015
In my market reports I look at other 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. 41% of the homes listed on the Iowa City MLS are under contract. That’s not quite as high as last month’s 45%, but still a sign of an active real estate market.
Contract to Listing Ratio Iowa City June 29, 2015
This market snapshot for June shows that the Iowa City real estate market remains active, although not “hopping” as it was in spring. There are lots of buyers out and about and an increase in sellers listing their homes too. At present there is a shortage of homes for sale in Iowa City in the lower and mid price ranges. Buyers have lots more choices of houses and condos to buy above $225,000 than they do for lower priced homes.
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 June 29, 2015