Home sales in Iowa City in 2016 were up 7% compared to 2015. 1097 homes sold in Iowa City in 2016 compared to 1028 in 2015. Condo sales in Iowa City are up 34% for the year. 305 condos sold in 2016 compared to 226 in 2015. Single family home sales are down just a tad. 732 single family homes sold in 2016 compared to 739 in 2015. (These numbers may increase during the coming weeks as more agents enter their sold listings into the MLS for the end of last year).
Home Sales in Iowa City
January 1 through December 31, 2016
The chart shows that as usual the busiest months for closings in Iowa City was between May and July. Home sales were down in July compared to 2015, but that was entirely due to a lack of inventory of homes on the market in spring when the most buyers were out and about. First time home buyers in a lease and buyers relocating to the area for the UI or UIHC are typically out early in the year looking for houses and condos. Buyers and sellers are not always in sync with this, which is why you’ll see fluctuations like the ones in the chart every year.
Summary for Home Sales & Home Prices in Iowa City 2016
- Number of homes sold in Iowa City up 7% in 2016 compared to 2015 – 1097 homes sold January – December 2016 compared to 1028 in 2015
- Condo Sales in Iowa City are the big winners for the year with the number of condos sold UP 34% for the year
- The absorption rate is at a very low 1.9 months, that’s 57 days on market – This number is skewed a bit by the extreme lack of inventory in Iowa City due to sellers taking their homes off the market for the Holidays.
- There are currently 172 homes showing as Active Listings on the MLS and 81 homes are currently showing as Contingent or Sale Pending – That translates into a 32% contract to listing ratio
- Average Price for homes in Iowa City in 2016 ~ $242,998 Average price in 2016 compared to $240,325 in 2015
- Median Price for homes in Iowa City in 2016 ~ $205,000 median price in 2016 compared to $205,250 in 2015
The real estate market in Iowa City is in great shape and you can expect a lot more activity in the coming weeks and months as those early bird buyers look for a new place to call home. Even in a hot market houses don’t sell themselves and sellers will 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.
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 Area MLS January 5, 2017