Home Sales are up 18% in May in Iowa City. 118 Homes sold in Iowa City in May 2016 compared to 100 in May 2015. That puts home sales in Iowa City up 15% for the year. The chart below shows that Condo sales are the big winners for the month. Single Family Home Sales are down a tad. That’s sure to be due to a lack of inventory of homes on the market. It’s certainly not due to a lack of buyer activity!
Even more proof that we currently have an active real estate market in Iowa City can be gained by looking at the contract to listing ratio. 49% of the homes currently listed are under contract, (contingent and sale pending), and waiting to close. This is great news for sellers of course, but not so much for buyers who continue to have a lack of choices of homes to buy, especially in the lower price ranges.
Number of Homes Sold in Iowa City
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up 15% January – May. 352 Homes sold in Iowa City in January – May 2016 compared to 306 homes sold in the same time frame in 2015.
- The absorption rate is at 3.4 months, that’s 104 days on market – The market is trending towards a lower market time with almost 60% of homes sold in selling in under 60 days.
- There are currently 304 homes showing as Active Listings on the MLS and 289 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 49% contract to listing ratio – That means there are still plenty of buyers are out writing contracts on homes in Iowa City.
- Average Price for homes in Iowa City up – $252,407 Average price in 2016 compared to $212,779 in 2015
- Median Price for homes in Iowa City up – $210,750 median price in 2016 compared to $198,000 in 2015
What does this data mean to you? The real estate market in Iowa City is hot. If you’re a seller with a house or condo for sale, you want to get it listed when the most buyers are out and about and that just happens to be right now! That said, even the best homes can languish on the market if they’re not properly prepared and marketed correctly. Here at Cardinal Realty we’re focused on providing top of the line service from start to finish. We’re there for you every step of the way. You’ll never have the feeling your house is “just another listing.” Don’t take my word for that though. Check out the testimonials to see what other sellers thought of their selling experience with us.
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is what I’m known for. Working with the right real estate agent will go a long way to deciding what kind of home buying or home selling experience you have. Sound advice and guidance is what you can expect when you work with Denise at Cardinal Realty. Call, (or text) Denise now at 319-400-0268.
Data provided via the Iowa City MLS June 6, 2016