It’s a Hot Market for Sellers in Iowa City! Market Snapshot February 2018

It’s a hot market for sellers in Iowa City. Home sales were up in January and they’re up again in February. 10 Condos sold in February 2018 compared to 7 in February 2017. It’s easy to see the spring market is kicking in with single family home sales also up. 31 single family homes sold in February 2018 compared to 29 in February 2017. 

Homes Sold in Iowa City February 2018

Home Sales & Home Prices in Iowa City February 2018

• Home Sales are up in February: 46 Homes sold in Iowa City February 2018 compared to 41 sold in February 2017.
• The absorption rate is at a low 3.1 months, that’s 94 days on market
• There are currently 291 homes showing as Active Listings on the MLS and 159 homes are currently showing as Contingent or Sale Pending – That translates into a 35% contract to listing ratio – More than 30% of homes on the market under contract is a sign of early activity in our spring market.
• Average Price for Homes in Iowa City in February is down ~ The average price is $245,474 in 2018 compared to $259,431 in 2017
• Median Price for homes in Iowa City is also down ~ Median Price is $205,000 in 2018 compared to $225,000 in 2017 

The market is stronger in Iowa City than some of the data shared in the summary above might suggest. Time on market is low, homes are selling faster now than they were in the winter months. The lower prices in February are slanted due to some homes taking longer to sell over the winter. That’s all changed now with the spring market taking off.

If you’re thinking of selling your home in Iowa City this spring, now is the time to get moving with that plan. Knowing what to expect from the market for your specific home in your specific neighborhood is key to your success. Detail oriented and with in depth knowledge of the Iowa City real estate market, we can help with that.

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 March 1, 2018