Home Sales are up 9.4% for the 3rd Quarter in Iowa City. 360 Homes sold July – September 2015 compared to 329 in the same time frame in 2014. July is always the biggest month for closings in Iowa City and this year July home sales were up a very impressive 17%. September was stronger than August for home sales in Iowa City. The bar chart below shows the breakdown of homes sold in the last three months.
In addition to the actual number of homes sold in the last quarter, 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 doing. 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 4 months or 121 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 18% of the homes listed on the Iowa City MLS are under contract – Spring and summer are the peak selling times for homes in Iowa City. It’s not surprising to see a lower contract to listing ratio in the fall and winter months. The real estate market is still active in Iowa City, homes are just not flying off the shelves as they were earlier in the year when there were a lot more buyers about waiting to jump on new listings.
Homes Sold in Iowa City July – September 2015
Highlights of This Month’s Market Report for Iowa City
- Home Sales in Iowa City are up by 9.4% July – September 2015 compared to July – September 2014.
- The absorption rate is at 4 months, that’s 121 days on market and trending towards a sellers market. The absorption rate hasn’t changed since the mid-year market report in July. That’s a good sign that the market is holding steady.
- There are currently 345 homes in Iowa City showing as Active Listings on the MLS and 72 homes are currently showing as Contingent or Sale Pending – That means 18% of the homes listed in Iowa City are under contract.
- Average Price for homes in Iowa City up – $244,717 Average price in 2015 compared to $228,516 in 2014
- Median Price for homes in Iowa City up – $215,000 median price in 2015 compared to $195,000 in 2014
Whether you’re buying or selling a home in Iowa City, working with a Realtor who is on top of the market will go a long way to ensuring the success of your real estate transaction. If you’re a buyer, knowing when you need to jump on a listing is as important as knowing when it’s over-priced.
Regardless of market conditions, sellers will always benefit from the expertise of a good Realtor. Not every house or condo sells fast. Some homes take longer to sell. As an example, lower priced homes are often in short supply in Iowa City and that’s good for sellers who can expect a shorter time on market as buyers don’t have many choices. There are more choices in the higher price ranges and that translates into a longer market time for sellers in some neighborhoods. Knowing the market for your specific home in your specific neighborhood is key to your success. The best way to find that out is to talk to a good Realtor!
When you’re ready to work with an agent who has a reputation for “telling it like it is,” you can reach Denise at 319-400-0268, or of course email works too!
Data provided via the Iowa City MLS October 14, 2015