Iowa City Real Estate Market Update April 2013

The Iowa City real estate market is set for a hot summer with home sales up big time in April. 69 homes sold in Iowa City in April 2013 compared to 46 in April 2012. That’s a 50% increase in home sales over last year! We knew this impressive increase in home sales was coming based on the large number of homes under contract in the last few months. Right now there are 258 homes under contract and marked as contingent or sale pending on the Iowa City MLS. That’s up by 25% compared to last month, a sure sign that this positive trend in the housing market in Iowa City will continue strong through the summer and is on track to exceed expectations.

What we’re noticing now is that there are more buyers wanting to buy than sellers ready to sell. If you’ve got a house to sell in Iowa City that puts you in a great position – Lots of buyers and not much competition with a low inventory of homes in popular neighborhoods, especially in lower price ranges. (The median price of homes sold in Iowa City so far this year is $214,000).

Housing trends Iowa City April 2013

Home sales in Iowa City – April 1 through April 30, 2013

  • 69 homes sold in Iowa City in April 2013 compared to 46 in April 2012
  • Average price for single family homes - $242,570 in April 2013 compared to $245,812 in April 2012
  • Average price for condos - $141,116 in April 2013 compared to $$174,231 in April 2012
  • The absorption rate is at 4.3 months, that’s 131 days on market. (The link takes you to a post that shows how the absorption rate is calculated).
  • There are currently 326 homes showing as Active Listings on the MLS (Compared to 453 homes on the market in May last year)
  • 258 homes are currently showing as Contingent or Sale Pending on the MLS
  • 14 homes expired in April

Have you got a house to sell in Iowa City? Want to know what you’re home is worth in today’s market?  A “common sense” approach to real estate means that when you call for a FREE Market Analysis you’ll get an honest and realistic assessment of your home’s value. It will be based on sound market data and include an analysis of current market conditions in the Iowa City real estate market. Call Denise today at 319-400-0268

 

Data pulled from the Iowa City MLS May 2, 2013

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