The Iowa City real estate market is off to a running start in 2016. The first quarter was the strongest quarter for the Iowa City real estate market in 2015. Based on home sales this month and the number of listings contingent or sale pending, we have enough data to see that we’re on track to improve on that in 2016. 36 Homes Sold so far in Iowa City this month compared to 37 in January 2015. We still have one business day of the month left and it’s a Friday, so there’s an excellent chance that number will go up by the end of the day tomorrow. Not only that, the number of homes showing as contingent or sale pending on the Iowa City MLS is MUCH higher than this time last year – A sure sign that we’ve got a lot of closings coming up in the next couple of months!
Homes Sold in Iowa City January 28, 2016
Number of Homes Sold / Days on Market
Iowa City January 28, 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 whether homes are selling quickly or taking longer to sell. This month the largest number of homes took more than 90 days to sell. According to MLS data, homes took an average of 73 days to sell in Iowa City in January. The bar chart gives a clearer picture that the trend is to a longer time on market, but that’s taking into account the slower winter months. The trend in days on market in Iowa City is sure to go down as the spring selling season approaches.
Contract to Listing Ratio
Iowa City January 28, 2016
The contract to listing ratio gives us the strongest data to show how the Iowa City real estate market is trending as we kick off 2016. 31% of homes currently listed on the Iowa City MLS are contingent or sale pending. That compares to 22% at this time last year. That’s an excellent sign there will be a lot of closings in the next month or two. The chart also shows the number of homes currently listed as active on the MLS. That number is also much lower than last year. The inventory of homes in all price ranges is low in Iowa City. This is not great for buyers, but offers opportunities for sellers to get their houses and condos on the market before the rush.
Spring starts early when it comes to real estate in Iowa City. It’s absolutely no surprise to see strong buyer activity at this time of the year. It’s also no surprise to see the lack of choices with sellers not quite ready to list their homes yet. Real estate agents and sellers aren’t always on the same page as to when the best time is to list a home in Iowa City. I’m very consistent in telling my seller clients that the earlier the better. The early bird catches the worm as they say. And cold weather doesn’t deter buyers on a mission at all!
Looking to buy a home in Iowa City? Hiring a (good) Buyer’s Agent will be your first step to ensuring yours is a smooth and easy real estate transaction. In fact in a real estate market short on inventory a good agent is the best friend you can have. She’ll be the one watching the market for you when you’re busy taking care of your everyday routine. How else can you be sure you’re not missing out on a “hot” property? When you’re ready to work with an agent completely committed to finding you the right home to fit your lifestyle, at the right price of course, Call Denise at 319-400-0268. You really can’t put a price on piece of mind!
Data provided via the Iowa City MLS January 28, 2016