Home Sales in Iowa City are on track to come in higher or at least even with last year this October. Home Sales were up in September so it’s good to see this trend continuing through October. 46 Homes Sold so far in Iowa City this month compared to 59 in October 2013. There are still 7 business days for closings, that’s ample time to catch up to home sales in October 2013 in this busy market.
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 46 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. Last month there were a lot more homes in the 90+ Days range. This month 43% of the homes sold in under 30 days. Technically listings are removed from the public view of the Iowa City MLS when they are Sale Pending. What that means is that the numbers below reflect when houses were marked as sale pending and doesn’t calculate from the listing and closing dates.
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. 20% of the homes in Iowa City listed on the MLS are under contract. That’s a little higher than last month and a great sign that the Iowa City real estate market continues to be active in the fall months.
Fall is here and before we know it, it will be the end of the year. You might want to check back next month to find out where the Iowa City real estate market is headed.
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 October 22, 2014