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Iowa City Homes: Market Snapshot April 16, 2012
The spring market has kicked in big time in Iowa City. A few weeks ago the real estate market was chugging along quite nicely with good solid gains month for month. This past couple of weeks there's been quite a shift and homes in Iowa City are going under contract left and right! To illustrate my point, 179 homes are marked on the MLS as pending or contingent. (There were 109 in March when I did my last update). And since the MLS relies on agents to update the data and they're pretty busy right now, it's probably safe to say there are few more houses under contract in Iowa City that we don't know about yet.
Until those homes with accepted offers start closing of course we won't see any major changes in the other market indicators. 26 homes sold in April so far. There are 487 listings showing as active. That's still a lot of inventory. The Absorption Rate is at 7.1 months. That's an average of 216 days on market. Until some of those homes under offer start closing we won't see a change in the absorption rate either. Nonetheless, the tide is turning in the Iowa City real estate market and sellers are ... more

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