How is the real estate market in Iowa City doing now that Fall has arrived? The 3rd quarter looked good with home sales in Iowa City up 9.4%. It looks like things may have slowed down a bit in October. 44 homes sold so far this month. 68 homes sold in Iowa City in October 2014. It seems a bit of a tall order to beat that number with just 3 business days left for closings this month.
Market Snapshot Iowa City October 27, 2015
How long did it take houses and condos to sell in Iowa City in October? The chart below shows that 55% of homes took longer than 60 days to sell. This is in contrast to my last market snapshot when the trend was towards a shorter market time. This is not at all surprising for the Iowa City real estate market. Iowa City is a college town and unsurprisingly that means the biggest turnover of homes is in the spring and summer time. Fall is more hit or miss and a lot less easy to gauge.
Number of Homes Sold / Days on Market October 27, 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 right now writing contracts. This month the number of homes under contract has dropped considerably. 19% of the homes listed on the Iowa City MLS are under contract. This is compared to 26% in the market snapshot for July and 41% in June. This again though is not surprising for the time of the year and in line with last year’s market snapshot in October 2014.
Contract to Listing Ratio Iowa City October 27, 2015
This look at market trends for October shows that the Iowa City real estate market is showing signs of slowing down after a strong spring and summer. There are still buyers out and about writing contracts, just not as many. If you have a house to sell you will need to make sure your house sparkles and stands out from the crowd and that it’s priced in line with the market to attract buyers. This applies in any market, but especially when there’s more competition from other houses and fewer buyers.
For buyers the market holds opportunities, with more choices than they had in spring and summer.
Whatever your goals are, hiring a good real estate agent will be your key to getting what you want out of your real estate transaction. If you’re 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 October 27, 2015