Home Sales are looking good for the 7th month in a row in Iowa City. 50 Homes Sold in Iowa City this month compared to 38 in March 2014. The last day of the month is usually pretty active for closings so there’s a good chance we will improve on that number tomorrow. Homes under contract in Iowa City are also on the rise with a big jump compared to last month – That’s more confirmation that there’s lots of buyer activity in Iowa City and that spring has arrived, even if mother nature hasn’t been very generous with the warmer temps yet!
Market Snapshot Iowa City March 30, 2015
How long did it take houses and condos to sell in March? The chart below reveals that the majority of homes spent less time on the market than last month. Only 11 of the 50 homes sold in Iowa City this month took over 90 days to sell. 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 March 30, 2015
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. This tells us how many buyers are out and about writing contracts. 34% of the homes in Iowa City listed on the MLS are under contract. That’s an 8% increase over last month and definitely a sign of an active real estate market!
Contract to Listing Ratio Iowa City March 30, 2015
The real estate market in Iowa City is in fine shape. There are more houses on the market than there have been in a while, which is good for buyers who haven’t had many choices through the winter months.
The good amount of buyer activity also means there are great opportunities for sellers in Iowa City. If you’ve been sitting on the fence a while thinking about listing your home for sale, now is the time to make your move!
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 March 30, 2015