There’s lots of activity in the Iowa City real estate market this fall with home sales up in both October and November. The chart below shows Home sales in Iowa City are up a healthy 27% in November. 60 homes sold in November compared to 47 in November 2015. Looking at the bigger picture, home sales in Iowa City are up 8% for the year so far.
Contract to Listing Ratio + Absorption Rate Iowa City
In addition to the number of homes sold, the absorption rate and the contract to listing ratio both help to provide a clearer picture of how the Iowa City real estate market is trending. The absorption rate provides information on the turnover rate of homes in Iowa City. That calculation looks at sold listings and how long they took to sell. The average time on market in Iowa City is a very low 2.3 months or 69 days.
The contract to listing ratio looks at what is happening in “real time” and how many buyers are writing contracts. This calculation looks at homes contingent or pending that are waiting to close. Currently 29% of the homes listed on the Iowa City MLS are under contract – The contract to listing ratio is high for the fall months and another good sign that we have an active fall market in Iowa City. The current market is good for both buyers and sellers. Sellers get their homes sold quickly and buyers actually have time to think before making an offer, which is a luxury they often don’t have in the spring and early summer.
Homes Sold in Iowa City ~ October – November 2016
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up 8% January – November 2016. 1032 Homes sold in Iowa City January – November 2016 compared to 959 homes sold in the same time frame in 2015.
- The absorption rate is at a very low 2.3 months, that’s 69 days on market
- There are currently 212 homes showing as Active Listings on the MLS and 86 homes are currently showing as Contingent or Sale Pending – That translates into a 29% contract to listing ratio – That means there are a good number of buyers out writing contracts on homes in Iowa City.
- Average Price for homes in Iowa City January – November ~ $242,279 Average price in 2016 compared to $241,500 in 2015
- Median Price for homes in Iowa City is down 1% ~ $205,000 median price in 2016 compared to $208,000 in 2015
Regardless of market conditions, sellers will always benefit from the expertise of a good Realtor. Knowing what to expect of the market for your specific home in your specific neighborhood is key to your success. Click the following link for a free Comparative Market Analysis of your home’s value in today’s market.
Whatever your real estate goals are, when you’re ready to work with an agent who has a reputation for doing what it takes to make yours a smooth and stress free buying or selling experience, you can reach Denise directly at 319-400-0268, or of course email works too!
Data provided via the Iowa City MLS December 1, 2016