It’s another good month for home sales in Iowa City! 37 Homes Sold so far in Iowa City this month compared to 33 in January 2014. What that means is that home sales have been on the rise since September making for a very active fall and winter real estate market in Iowa City.
Market Snapshot Iowa City January 31, 2015
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 it’s interesting to note that 15 of the 37 homes sold in Iowa City this month took more than 90 days to sell. This goes to show that even in a sellers market not all homes sell fast. Not that sellers should feel complacent about that statement. 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 Iowa City January 31, 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. 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. 22% of the homes in Iowa City listed on the MLS are under contract. That’s a good number of homes pending and contingent this month and a sign that despite the cold temps, the market is starting to heat up for the spring!
Contract to Listing Ratio Iowa City January 31, 2015
The real estate market in Iowa City continues to be active throughout the winter months. Inventory is still low with a lack of choices for buyers. That means buyers need to be on the lookout for new listings as the best ones are going fast!
With the spring market coming up and lots of buyers out and about it’s a great market for sellers who prepare their homes and position them right for the market.
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 31, 2015