The spring and summer buying season is still going strong in Iowa City. June and July are typically the strongest months of the year for closings and this year is no exception. 159 Homes sold in Iowa City in June so far, compared to 118 homes sold in May and to 184 homes sold in June 2015. We have one day to beat last year’s number. It seems like a tall order, but let’s wait and see…
Contract to Listing Ratio
Iowa City June 29, 2016
The contract to listing ratio gives us the strongest data to show how the Iowa City real estate market is trending and that’s why it’s the first chart in this update. 47% of homes currently listed on the Iowa City MLS are contingent or sale pending. That compares to 41% at this time last year. With almost half the houses on the market on the market under contract, it’s a good sign that we still have lots of buyers out and about writing contracts.
Homes Sold in Iowa City
June 29, 2016
Single family home sales are down compared to June 2015 so far. 118 single family homes sold in in June 2016 compared to 131 in June 2015. It’s sure to be lack of inventory that’s caused the shortfall. Condo sales aren’t as strong as last month, and lower than June 2015 too, although of course that may change by the end of the day tomorrow if we have a rush of closings on the last day of the month.
Number of Homes Sold / Days on Market
Iowa City June 29, 2016
Knowing how long it takes for homes in Iowa City to sell is good information to have for both buyers and sellers. It’s a way of “taking the pulse” of the market to see what kind of shape it’s in. A low market time is typically helpful for sellers. The longer a house is on the market, the more chance there is that it will affect the price. This month shows that the trend is towards a lower market time with 65% of homes closing in under 60 days.
What’s the takeaway for buyers and sellers in Iowa City from this market snapshot? The real estate market is still very active in Iowa City. There are plenty of opportunities for sellers who are ready to sell their homes. Competition is not quite as strong for buyers with the peak buying season starting to wind down. Nonetheless, the best homes will go fast in a market so low on inventory and Buyers need to be on top of their game not to miss out. In an active real estate market buyers need to be quick to get the best homes. Hiring a (good) Buyer’s Agent will be the first step to success. In fact in a real estate market short on inventory a (good) agent is a great asset when it comes to making sure you don’t miss out on any “hot” listings when they hit the market.
When you’re ready to work with an agent completely committed to making sure you get exactly what you want out of your buying or selling experience, Call Denise at 319-400-0268. You really can’t put a price on piece of mind!
Data provided via the Iowa City MLS June 29, 2016