The spring market has kicked in big time in Iowa City. A few weeks ago the real estate market was chugging along quite nicely with good solid gains month for month. This past couple of weeks there’s been quite a shift and homes in Iowa City are going under contract left and right! To illustrate my point, 179 homes are marked on the MLS as pending or contingent. And since the MLS relies on agents to update the data and they’re pretty busy right now, it’s probably safe to say there are few more houses under contract in Iowa City that we don’t know about yet.
Until those homes with accepted offers start closing of course we won’t see any major changes in the other market indicators. 26 homes sold in April so far. There are 487 listings showing as active. That’s still a lot of inventory. The Absorption Rate is at 7.1 months. That’s an average of 216 days on market. Until some of those homes under offer start closing we won’t see a change in the absorption rate either. Nonetheless, the tide is turning in the Iowa City real estate market and sellers are in a much better position than they were just a few weeks ago. I’ve listed two homes in the last week that had accepted offers within days. I’m working with buyers who thought they were in a buyer’s market and are finding houses snapped up before they can even get to see them! It’s way too early to make predictions, but this is a great kick off to the selling season in Iowa City… Check back for updates. Just like me I’m sure you want to know if this trend in the housing market in Iowa City can continue through the summer months. I’ll be staying on top of it so you will find that info here…
487 Active Listings
179 Homes Pending or Contingent
26 homes sold in Iowa City in April to date – 18 Single Family Homes, 6 Condos, 1 Zero lot and 1 Acreage
Thinking of buying or selling a home in Iowa City? When you’re ready to make your move give me a call at 319-400-0268.
Data for this market update pulled from the Iowa City MLS April 16, 2012