After a strong 3rd quarter, Home Sales in Iowa City are down in October. 58 homes sold in Iowa City in October 2015 compared to 68 in October 2014. Altogether it’s been a good year for the Iowa City real estate market. As is typical for the Iowa City area, there were times in the Spring and Summer when buyers had to jump on listings as soon as they came on the market or risk losing out. The strong 2nd and 3rd quarter put the number of homes sold up for the year and looking at January through October, home sales are up 3.6% in Iowa City compared to 2014.
The absorption rate and the contract to listing ratio provide more data to work with to see what might be in store in the coming months in Iowa City. The absorption rate shows the rate the market “absorbs” homes. The turnover rate of 3.7 months or 111 days on market is a sign of continuing strength in the Iowa City real estate market.
The contract to listing ratio provides information on how many buyers are currently out and about writing contracts. 21% of the homes currently listed on the Iowa City MLS are under contract and waiting to close. In the spring and summer months it’s typically between 40% to 50% – The lower contract to listing ratio is very typical for the Fall months.
Homes Sold in Iowa City October 2015
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up January – October by 3.6%. 908 Homes sold in Iowa City in January – October 2015 compared to 876 homes sold in the same time frame in 2014.
- The absorption rate is at 3.7 months, that’s 111 days on market
- There are currently 317 homes showing as Active Listings on the MLS and 83 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 21% contract to listing ratio – That means fewer buyers are out writing contracts on homes in Iowa City than earlier in the year so sellers may need to factor in a longer time on market.
- Average Price for homes in Iowa City up – $281,443 Average price in 2015 compared to $267,883 in 2014
- Median Price for homes in Iowa City down – $219,500,000 median price in 2015 compared to $231,250 in 2014
Homes aren’t “flying off the shelves” as they were in the Spring and Summer months in Iowa City. The inventory of homes on the market is a little less than in the summer months, with fewer buyers out writing contracts. When the competition is higher from other houses on the market it’s more important than ever that sellers prepare their homes to stand out above the rest and price them in line with the market. A (good) real estate agent will be an asset and will help with that by providing good advice on preparing and pricing your home based on homes similar to yours in neighborhoods like yours. Every SOLD sign starts with a plan. And the planning starts before you put your house or condo on the market!
Are you looking for the right Realtor to help you navigate the complexities of the Iowa City real estate market, all the while looking out for you and your money? Sound advice and guidance are just a phone call, text or email away! Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS November 4, 2015