March was another good month for home sales in Iowa City. 56 homes sold in Iowa City in March 2015 compared to 38 homes sold in March 2014. Homes in the lower and median price ranges are flying off the shelves in Iowa City, especially in popular neighborhoods. If you’ve got a house or condo to sell, it’s worth talking to a Realtor to find out the facts on how the market is doing in your neighborhood.
The absorption rate and the contract to listing ratio both do a good job of providing us with more information on how strong the Iowa City real estate market is. The absorption rate shows the rate the market “absorbs” homes. The average time on market in Iowa City is 4.3 months or 132 days. That’s a little higher than last month. That’s not surprising considering the number of new listings hitting the market every day in time for the spring selling season. The good news is that buyers are busy writing contracts and the number of homes under contract is also on the rise with 37% of the homes listed on the MLS showing as contingent or sale pending.
Homes Sold in Iowa City January – March 2015
Home Prices in Iowa City January – March 2015
Highlights of This Month’s Market Report for Iowa City
- Home Sales in Iowa City are up 33% Year over Year for the first 3 months of the year.
- The absorption rate is at 4.3 months, that’s 132 days on market and trending towards a sellers market.
- There are currently 376 homes in Iowa City showing as Active Listings on the MLS and 217 homes are currently showing as Contingent or Sale Pending – That means 37% of the homes listed in Iowa City are under contract. That’s a big increase over last month and a good sign of major buyer activity as we kick off the spring selling season.
Are you looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS April 8, 2015