June is historically the busiest month for closings in Iowa City. I checked the Iowa City MLS this morning and the number of homes sold in Iowa City in the month of June to date is at 88. There are 151 homes Sale Pending or Contingent. (Sale Pending or Contingent means they have accepted offers that may still have contingencies on them to fulfill before closing). There are currently 542 homes in Iowa City showing as Active Listings.
The Absorption Rate is at 9.2 months this week, that's an average of 279 days on market. We still have lots of inventory to get through in Iowa City and although we're moving in the right direction home sales are down compared to last year. This applies especially to condos. Condo sales were down significantly as you can see in my May Market Report and that trend continues through June. It's going to take a while before we get back to a more balanced market... Of course every market is good for someone and this market continues to hold opportunities for buyers!
542 Active Listings
151 Homes Pending or Contingent
88 Homes Sold in Iowa City in June to date - 51 Single Family Homes, 33 Condos and 4 Zero Lots.
Real Estate Market Report May 2011 Compared to May 2010
Real Estate Market Report April 2011 Compared to April 2010
Real Estate Market Report March 2011 Compared to March 2010
Real Estate Market Report February 2011 Compared to February 2010
Real Estate Market Report January 2011 Compared to January 2010
Source for data: Iowa City Area MLS June 20, 2011
Originally posted @ ichomesforsale.com
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