The Fall and Winter real estate market were really busy in Iowa City and home sales were up 30% in the last quarter in 2014 compared to 2013. Overall for the year the picture doesn’t look quite as good and as this is a review of the year I’ll do my best to explain why that is. Home sales in Iowa City in 2014 were up just 2% compared to 2013. 1007 homes sold in Iowa City in 2014 compared to 989 in 2013.
The Iowa City real estate market is very seasonal and the largest number of buyers are out looking for homes to buy earlier in the year. Every year the chart looks similar to the one below with a peak in home sales in May, June and July. (If you figure on buyers writing offers on houses and condos 30 – 60 days before closing you can work out quickly when the Iowa City real estate market is most active). In 2014 inventory was so low in the spring and early summer that many buyers ended up not finding the right home when they needed it. Some of them found the right home in Fall or Winter. Others didn’t. Many of those buyers will return to the marketplace in the coming months. Others won’t. It depends what their motivation was in the first place and whether their circumstances have changed in the last year. Clearly from the number of homes sold in the last few months there ARE buyers who are very motivated to move. You must really want to move to do it in the middle of Winter in Iowa!
Home Sales & Home Prices in Iowa City – January 1 through December 31, 2014
- Number of homes sold in Iowa City up 2% in 2014 compared to 2013 – 1007 homes sold January – December 2014 compared to 989 in 2013
- Number of homes sold in Iowa City up 30% from October – December – 199 homes sold October – December 2014 compared to 153 homes sold in 2013
- Average Price for homes in Iowa City up 3% in 2014 – $229,085 Average price in 2014 compared to $222,981 in 2013
- Median Price for homes in Iowa City up 3% in 2014 – $198,000 median price in 2014 compared to $193,000 in 2013
Check back for updates to see how the Iowa City real estate market continues to do through 2015.
Got a house, condo or zero lot to sell in Iowa City? Give Denise a call at 319-400-0268 for personal, effective real estate services with a hi-tech advantage. A successful real estate transaction has nothing to do with chance or luck – Every SOLD Sign starts with a plan! Hire an agent who is completely committed to the success of your real estate transaction. Call today to get started on getting that SOLD Sign in your yard!
Looking to buy a home in Iowa City? Hiring a (good) Buyer’s Agent will be your first step to ensuring yours is a smooth and easy real estate transaction. Call Denise today for a smooth and easy buying experience with an agent who will always have your back – When you’re doing something as important as buying a house you really can’t put a price on peace of mind!
Data for this market report pulled from the Iowa City MLS January 6, 2015