Year End Market Report for 2015 and Trends for 2016
What can we expect from the Iowa City real estate market in 2016? Last week we looked at the number of homes sold in Iowa City in 2015, where homes sales were up just 1% for the year. That number however doesn’t tell the whole story. We need to look closer at the data to see what is moving the market and what impact that is likely to have on the 2016 spring market in Iowa City.
Single Family Home Sales Up Almost 10%
The chart below shows that single family home sales were up almost 10% for the year, while condo sales were down 16%. The table below shows an increase in both the average and median price for homes and condos in Iowa City.
It’s good to see that the lower number of condos sold didn’t impact price and condo prices are holding steady. Home prices aside, the takeaway from this data is that single family homes are moving faster than condos. That’s different to my 2014 review when they were about even. Historically there’s lots of new buyer activity in the Iowa City real estate market right after the Holidays so there’s a very good chance that we’ll see a lot more condos going under contract in the coming months. This will help new condo sellers entering the marketplace for the spring market.
The market continues to be strong for sellers of single family homes, for both price and time on market. There is at present a lack of inventory of homes on the market in general and most especially in popular, sought after neighborhoods. If you’ve got a house to sell, now is a very good time to talk to a Realtor!
Chart of Homes Sold in Iowa City 2015
Average & Median Price
Homes Sold in Iowa City 2015
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. In fact in a real estate market short on inventory a good agent is a great ally. She’ll be the one watching the market for you when you’re busy doing what you do on a day to day basis. How else can you be sure you’re not missing out on a “hot” property? When you’re ready to work with an agent completely committed to finding you the right home to fit your lifestyle, at the right price of course, Call Denise at 319-400-0268. You really can’t put a price on piece of mind!
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! Call Denise today for solid advice and guidance on how to get your home from listing to sold with the minimum amount of fuss.
Data for this market report pulled from the Iowa City MLS January 17, 2016