After putting together several year over year market reports earlier in the month I figured it was time I drill it down some more and look at the numbers of homes sold in December in Iowa City. According to the Housing Trends Report released by the Iowa Association of Realtors this week home sales are up in Iowa for December. That's not the the case for Iowa City - Although they're not down either. 47 homes sold in December 2010 compared to 48 in December 2009. That's pretty even. There's a strange phenomena going on at the moment with single family homes sales down and condo sales on the rise. Not really sure what to make of that yet. We'll see in the coming months whether that trend continues.

Number of homes sold iowa city december 2010


What's not at all surprising is that prices are down. It's winter. We have winter pricing, plus we have a struggling economy. Although we're lucky around here and a fairly stable economic environment compared to other parts of the country we still have a lot of homes on the market and that means opportunities for buyers. From personal experience I can tell you that despite the freezing temperatures I've been busy since the first of the year, so I wouldn't be surprised if buyers are starting to feel more confident and the trend changes in the coming months. We'll see. That's pure speculation. Watch out for my market reports and we will soon be able to tell from the numbers whether that is indeed the case!

Average price homes sold in iowa city 2010 compared to 2009


As far as the days on market are concerned, according to data from the Iowa City Area MLS single family homes spend less time on the market than condos. The average number of days for single family homes  in 2010 was 93 compared to 117 in 2009. For condos it was an average of 131 days on market in 2010 compared to 109 in 2009. I think the data for days on market is highly manipulated due to expired listings and re-listed properties and would suggest you talk to a Realtor about the actual absorption rate (aka days on market). This is a subject I'll cover in a post in the near future if you want to check back for that.

Source for data: Iowa City Area MLS January 23, 2011

Iowa City Real Estate Market Report - 2010 Compared to 2009

 

Originally posted @ ichomesforsale.com

 

Let's Connect and Get To Know Each Other...

Denise Hamlin Facebook Graphic          Denise Hamlin twitter graphic         Google+ Profile         Pinterest Profile Denise Hamlin

Search for Iowa City Homes for Sale

Selling A Home in Iowa City, Coralville & North Liberty IA

Subscribe to receive regular market reports, info on schools and community updates by email


Please remember that opinions expressed in my blog are just that - opinions - not fact
For legal or accounting advice please consult with a professional
Although the information provided is deemed reliable, it's not guaranteed

 

 

3 Comments on Iowa City Housing Trends: Home Sales in Iowa City December 2010 compared to December 2009

JAN
24
2011
522,834 Points 10 Featured Posts Outside Blog Called Shot Master

Denise, as that commercial goes, every market is different, but I have noticed a definite upswing in bank-owned housing getting busier because that is one of the ways I make a living. 

Also, the realtors I work with are starting to get busier earlier.  Let's hope that continues for everyone!
10:22pm • #1
238,128 Points 6 Featured Posts Called Shot Master

Denise: Condo-town home lmarket has been getting clobbered here in Des Moines. 70 units sold out of 905 on the market in December, Hopefully you're getting some of those sales!
11:31pm • #2
JAN
25
2011
364,941 Points 6 Featured Posts Outside Blog Called Shot Master

Hi Ron ~ What's really notable is that folks are out in their numbers looking at homes when it SO cold outside. It will be quite something to see what happens when it gets warmer.

Hi Matt ~ Well, your condo numbers definitely don't instill confidence. I'm not sure why Iowa City is doing so well, even though condo selling season hasn't really kicked off yet.
12:36am • #3

Login or register to leave a comment