Market Update Iowa City January 2013

January is over already and I have some surprising numbers to share with you for home sales last month. 16 homes sold in Iowa City in January 2013 compared to 33 in January 2012. That’s not quite what we expected of course. The Iowa City real estate market is in good shape and the drop in the number of homes sold for the month is definitely a surprise. Iowa City Market Update January 2013 I don’t think we have anything to worry about though. The number of homes under contract is on the rise with 68 homes marked as either contingent or pending. That’s a lot of closings to look forward to in the next couple of months! Add to that the fact that despite the very crisp weather I’m getting calls daily for showings on my listings. That tells me there’s plenty of buyer activity out there and whatever this glitch was, it will be gone by next month!

Home sales in Iowa City – January 1 through January 31, 2013

  •  16 homes sold in Iowa City in January 2013 compared to 33 in January 2012.
  • Average price for single family homes – $258,083 in January 2013 compared to $206,527 in January 2012
  • Average price for condos – $171,000 in January 2013 compared to $189,680 in January 2012
  • According to the Iowa City MLS the average days on market for a single family home is 75 days. And for a condo it’s 169 days on market. (The absorption rate is skewed low on the MLS, but the trend is correct – It will typically take longer to sell a condo than a single family home in Iowa City)
  • There are currently 276 homes showing as Active Listings on the MLS
  • 68 homes are currently showing as Contingent or Sale Pending on the MLS
  • 36 homes expired in January

As you can see from the data, the trend in the Iowa City real estate market is on the whole positive, despite the drop in home sales for the month. The number of homes contingent and pending is up at 68, that’s a good number for this early in the year. There’s not a whole lot for buyers to look at with a low 276 homes listed as active listings on the MLS. If you’ve got a house to sell, your best bet is to get it on the market before you have more competition. The low inventory works in your favor and you want to take advantage of that. And as I mentioned in the first paragraph, there’s plenty of buyer activity, even in these cold temps!

Do you have a house to sell in the Iowa City area? I’m a straight talking Realtor who knows the ins and outs of the Iowa City real estate market and knows how to get your home sold. Give me a call today and let’s talk. I promise you it will be worth your while!

 

Data pulled from the Iowa City MLS February 2, 2013

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