The Iowa City real estate market is humming along nicely with home sales up by 30% in May compared to last year. 134 homes sold in Iowa City in May 2013 compared to 103 in May 2012. The large number of homes under contract is an indicator that the strong home sales will continue through June and July. There are currently 254 homes under contract and marked as contingent or sale pending on the Iowa City MLS.
What we’re noticing now is that there are more buyers wanting to buy than sellers ready to sell. With just 277 homes currently listed as active, (compared to 326 last month), the number of homes currently on the market is at a low 3.6 months worth of inventory, or 110 days on market. The market is “absorbing” homes quicker and that’s great for sellers. 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 number of homes available in many neighborhoods, especially in lower price ranges.
Iowa City Real Estate Market Update – May 1 through May 31, 2013
- 87 Single Family Homes sold in Iowa City in May 2013 compared to 64 in May 2012
- 43 Condos sold in Iowa City in May 2013 compared to 33 in May 2012
- Average price for single family homes – $279,898 in May 2013 compared to $224,160 in May 2012
- Average price for condos – $150,099 in May 2013 compared to $166,841 in May 2012
- The absorption rate is at a very low 3.6 months, that’s 110 days on market. (The link takes you to a post that shows how the absorption rate is calculated).
- There are currently 277 homes showing as Active Listings on the MLS (Compared to 326 homes on the market and listed as active last month)
- 254 homes are currently showing as Contingent or Sale Pending on the MLS
- 6 homes expired in May
Are you looking for the right Realtor to help you navigate the complexities of the Iowa City area real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data pulled from the Iowa City MLS June 17, 2013