Home Sales are up 10% for the first half of the year in Iowa City. 541 homes sold January – June 2016 compared to 490 homes sold in the same time frame last year.
The chart below shows home sales January through June in Iowa City. The strongest months are March, April and May. It’s not at all unusual to see a big increase in home sales early in the year in Iowa City. In fact it’s very typical for the “spring” market to start early with many home buyers starting their search for the right home at the beginning of the year. (And closing on a home 60 – 90 days later).
Number of Homes Sold in Iowa City
January – June 2016
The chart above showing the number of homes sold, tells us what the market was doing in the last six months. The next step is to look to see what’s happening in “real time.” To figure that out we look at contract to listing ratio. This tells us what’s happening in the Iowa City real estate market right now. By looking at the number of homes contingent or sale pending, we can gauge whether buyer activity is high, low or somewhere in between. In April there were more homes under contract, (contingent and sale pending), than there were active listings. 52% of the homes on the market had offers and were waiting to close. That was a very hot market with homes just flying off the shelves. We’re into July now and vacation time. The chart below shows that the market is still active with 40% of the homes listed under contract. The market is not as hot as it was in March and April though and that usually translates into a little longer market time for sellers. (Unless of course you happen to be listing a hot property in a hot neighborhood).
Contract to Listing Ratio Iowa City July 19, 2016
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up 10% January – June 2016. 541 Homes sold in Iowa City in January – June 2016 compared to 490 homes sold in the same time frame in 2015.
- The absorption rate is at 3 months, that’s 91 days on market
- There are currently 293 homes showing as Active Listings on the MLS and 199 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 40% contract to listing ratio
- Average Price for homes in Iowa City is up – $239,369 Average price in 2016 compared to $236,429 in 2015
- Median Price for homes in Iowa City is down – $197,500 median price in 2016 compared to $203,000 in 2015
What does this data mean to you? Even if the real estate market isn’t as hot as it was earlier in the year, there is still plenty of buyer activity in the Iowa City real estate market. Sellers who prepare their homes right and price them in line with the market will be rewarded for their efforts.
Buyers shouldn’t get complacent just because the market is more balanced now after the spring rush. The best houses still sell fast and finding a good agent to work with is still your best bet to make sure you’re well prepared and know everything you need to before making an offer on a home.
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is what I’m known for. Working with the right real estate agent will go a long way to deciding what kind of home buying or home selling experience you have. Sound advice and guidance is what you can expect when you work with Denise at Cardinal Realty. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS July 19, 2016