It’s been a great kick off for the year for the Iowa City Real Estate Market. So great that I haven’t had time for my regular monthly market reports and have a lot of catching up to do this month!
The chart below shows home sales January through April in Iowa City. Home sales are up a very healthy 37% in April and 13% for the year so far. Looking at the big increase in the number of homes sold in March and April, it’s easy to see that home sales in Iowa City are trending towards beating last year’s numbers.
If you’re looking for more proof that we currently have a hot real estate market in Iowa City, you can get it by looking at the contract to listing ratio. There are currently more homes under contract, (contingent and sale pending), than there are active listings. To put it another way, 52% of the homes currently on the market have offers and are waiting to close. This is great news for sellers of course, but not so much for buyers who are seriously lacking in choices of homes to buy, especially in the lower price ranges.
Number of Homes Sold in Iowa City
January – April 2016
Highlights of This Month’s Market Report for Iowa City
- Home Sales are up 13% January – April. 233 Homes sold in Iowa City in January – April 2016 compared to 206 homes sold in the same time frame in 2015.
- The absorption rate is at 3.5 months, that’s 106 days on market – The market is trending towards a lower market time with 60% of homes sold in April selling in under 60 days.
- There are currently 306 homes showing as Active Listings on the MLS and 330 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 52% contract to listing ratio – That means A LOT of buyers are out writing contracts on homes in Iowa City.
- Average Price for homes in Iowa City down 2% – $232,084 Average price in 2016 compared to $236,429 in 2015
- Median Price for homes in Iowa City down 8% – $194,000 median price in 2016 compared to $209,750 in 2015
What does this data mean to you? The real estate market in Iowa City is hot. If you’re a seller with a house or condo for sale, you want to get it listed when the most buyers are out and about and that just happens to be right now!
Buyer’s need to be on the ball and put their best foot forward as the best houses are snapped up fast. In the spring market it’s not unusual for homes to go under contract before buyers even get to see them on the Internet! This is where working with the right agent will increase your chances of success when the perfect home for you comes on the market. I’ve helped multiple buyers find homes fresh on the market before they got snapped up by other buyers. If you don’t want to miss out on houses or condos in Iowa City, working with an agent who is diligent about keeping an eye on the market for you is your first step to success!
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 May 5, 2016