Home Sales are up 24% in August in Iowa City. 112 Homes sold in Iowa City in August 2016 compared to 90 in August 2015. That puts the number of homes sold in Iowa City up 5% for the year. The chart below shows that Condo sales are the big winners for the month. (Again). Single Family Home Sales are even with last year. The average days on market for homes in Iowa City is down with more than 60% of houses selling under 60 days. That makes it all the more surprising to see the average and median price of homes in Iowa City down in August. Since home sales are up 24% and days on market at pretty much an all time low, it seems clear that more lower priced homes sold in August and that skewed the data on home prices a bit.
Homes Sold in Iowa City August 2016
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up 5% for the year. 829 Homes sold in Iowa City in January – August 2016 compared to 787 homes sold in January – August in 2015.
- The absorption rate is at a really low 2.8 months, that’s 86 days on market – In general the market continues to trend towards a lower market time with over 60% of homes in Iowa City sold in under 60 days in August.
- There are currently 254 homes showing as Active Listings on the MLS and 111 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 30% contract to listing ratio – Unsurprisingly that’s lower than in the spring and summer months, but shows strong buyer activity nonetheless.
- Average Price for homes in Iowa City down – $230,908 Average price in 2016 compared to $258,675 in 2015
- Median Price for homes in Iowa City down – $212,000 median price in 2016 compared to $222,450 in 2015
What does this data mean to you? Fall may be just around the corner, but the Iowa City real estate market is not showing any signs of slowing down just yet. If you’re a seller with a house or condo for sale it’s not too late to get the job done this year! That said, even the best homes can languish on the market if they’re not prepared and marketed correctly. Here at Cardinal Realty we’re focused on providing top of the line service from start to finish. We’re motivated and enthusiastic about what we do and are full of good ideas that ensure that we get your home sold. 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 we’re 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 September 6, 2016