Weekly real estate market report Iowa City March 8, 2010
584 Active Listings
101 Homes Under Contract
12 Homes Sold March 1 - March 6
8.0 Months of inventory on the market
An absorption rate of 8 months means Iowa City remains a buyers market for now. The absorption rate takes into account homes sold and not those under contract. And with 101 homes under contract we can see there's a lot of buyer activity in Iowa City with buyers wanting to take advantage of the homebuyer tax credit before the deadline of April 30, so we will probably see some changes in this trend soon.
If you're not familiar with the absorption rate, more than 6 months inventory of homes on the market is a buyers market. 6 months of inventory of homes is considered neutral and less than 6 months a sellers market. For more info here's a link to the first post I wrote including the absorption rate with an explanation on how it's calculated.
Last week's real estate market update for Iowa City
Real Estate Market Report for Iowa City February 2010