Weekly real estate market update Iowa City December 13, 2010 - Number of homes sold, homes under contract and active listings.
427 Active Listings
29 Homes Under Contract
5 Homes Sold week ending December 13, 2010
This is a snapshot of the Iowa City real estate market December 13, 2010. 3 single family homes and 2 condos sold last week. I hope you're duly impressed. I've gone all out on the graphics this week! Thought it was high time I kicked it up a notch and as you can tell from the numbers, it's not that busy so I have time to improve my skills.
Highest Price home sold: $203, 500
Lowest Price home sold: $97,000
Average Price of homes sold: $160,480
Highest number of days on market: 109
Lowest number of days on market: 13
The absorption rate for Iowa City is 6.6 months. This is the time it takes for the market to "absorb" homes. The first step in calculating the absorption rate is to find out how many homes sold in the past 12 months and how many are currently on the market. 784 homes sold in the last 12 months in Iowa City and there are currently 427 showing as active listings.
784/427 = 1.8 - That means the inventory of homes in Iowa City turned 1.8 times in the last 12 months.
Now we take the 12 months and divide it by 1.8 to come up with the absorption rate.
12/1.8 = 6.6 months = 198 days on market
What the absorption rate tells us that based on the current inventory the average time it takes a home to sell is 6.6 months. Calculating the absorption rate is just another way to get an indication of what's happening in the Iowa City market. It's not an exact science, it just gives us something to go on.
Iowa City Average Price Homes Sold November: 2006 - 2010
Iowa City: Number of Homes Sold in November: 2006 - 2010
Iowa City Real Estate Market Report October 2010
Iowa City Real Estate Market Report 3nd Quarter: July - September 2010
Originally posted @ ichomesforsale.com
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