The year started well in Iowa City with home sales up in January. The market for condos is especially strong. 13 Condos sold in January 2018 compared to 5 in January 2017. Single family home sales were down. 22 single family homes sold in January 2018 compared to 29 in January 2017. The tight inventory of houses on the market, especially in the lower price ranges is very likely to be the reason that single family home sales are down.
Homes Sold in Iowa City January 2018
Home Sales & Home Prices in Iowa City January 2018
- Home Sales are up in January: 40 Homes sold in Iowa City January 2018 compared to 38 sold in January 2017.
- The absorption rate is at a low 3.1 months, that’s 94 days on market
- There are currently 289 homes showing as Active Listings on the MLS and 156 homes are currently showing as Contingent or Sale Pending – That translates into a 35% contract to listing ratio – That means there are a good number of buyers out writing contracts on homes in Iowa City early this year.
- Average Price for Homes in Iowa City in January is UP ~ The average price is $237,835 in 2018 compared to $235,938 in 2017
- Median Price for homes in Iowa City is down ~ Median Price is $208,500 in 2017 compared to $224,500 in 2017 ~ This is a sign that lower priced homes are being snapped up in a market very short on inventory for homes and condos in the lower price ranges.
If you’re thinking of selling your home in Iowa City this spring, now is the time to get moving on 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. To get started, click this link for a free market analysis of your home’s value. Alternatively you can call Denise at 319-400-0268 for insights and advice on getting your home sold in Iowa City this spring!
Data provided via the Iowa City MLS February 28, 2018