The Tiffin IA real estate market did well in 2012 with home sales up by by almost 27%. 52 homes sold in Tiffin in 2012 compared to 41 homes sold in 2011. Tiffin is a growing town with lots of new construction and with that a big potential for growth. It makes sense that now that the real estate market in the Iowa City area is on the rise again, Tiffin is likely to grow at a faster rate.
Home sales in North Tiffin IA – January 1 through December 31, 2012
- Number of homes sold in Tiffin up 26.8% in 2012 compared to 2011 – 52 homes sold January – December 2012 compared to 41 homes sold in 2011
- Single family home sales in Tiffin are down by 27% – 28 single family homes sold in 2012 compared to 22 homes sold in 2011
- Condo Sales are up by 120% – 22 condos in 2012 compared to 10 condos sold in 2011
- Zero Lot sales are up by 300% – 8 zero lots sold in 2012 compared to 2 zero lots sold in 2011
- The average price of a home in Tiffin is down by 9% for the year. If you prefer to look at the median price it’s down by 12%.
As you can see from this quick snapshot, the trend in the Tiffin IA housing market is good as far as home sales are concerned, at least for condos and zero lots. The drop in home prices has more to do with the type of homes selling in Tiffin. As I mentioned in the first paragraph, much of Tiffin’s inventory is new construction.
My thoughts on that are that Tiffin seems to be following in the footsteps of North Liberty and offering more cost effective options for home buyers. Zero Lots and condos are typically more affordable than single family homes. That would explain the perceived drop in home prices. Prices aren’t really lower, it’s just lower priced homes that are selling. (I hope that makes sense, I’ll provide more data in the coming weeks to clarify that).
This is a very broad look at the data. Watch out in the coming weeks more data on the Tiffin IA real estate market. I’ll have more information for you then on how these numbers come together.
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Data for this market report pulled from the Iowa City MLS January 14, 2013