The first half of 2012 is behind us and it's a great time to take stock to see where home sales and home prices are at in Iowa City for the year so far. 446 Homes sold in Iowa City January through June 2012 compared to 381 homes sold in the same time frame in 2011. That's a 17% increase.
If you hop over to the original post on my website there's a table with the average and median price of homes sold in Iowa City in the last six months. The good news is that home prices are are up slightly too. Prices have bobbed around a bit since the beginning of the year, but the trend is definitely heading in the right direction. Of course this is a very general overview. Home prices definitely vary from neighborhood to neighborhood. Both buyers and sellers need to look at neighborhood sales before buying a home or listing a home in Iowa City. These numbers are way too general to help with that. That doesn't change the fact that it's good news for everyone to see that the overall trend in the Iowa City real estate market is looking good for this first half of the year.
So what exactly does this data mean to you as a home buyer or home seller in Iowa City?
If you've got a house to sell in Iowa City, home sales are definitely on the rise making it a good time to list your home for sale. That said, there are still a lot of houses on the market and price and condition are more important than ever. These are both things you should talk to a Realtor about before listing your home for sale.
If you're thinking of buying a home in Iowa City, we still have something of a buyer's market. There is still too much inventory on the market for that to change yet. At the same time, well priced homes that show well are selling fast. If you see something you like, don't think about it too long or you may miss out. There are more buyers out and about this year so it's not just sellers that need to worry about competition. I've been in a couple of multiple offer situations this year, a definite sign that the "buyer's market" is on its way out!
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City? Give me a call at 319-400-0268 or drop me an email. I'd love to hear from you!
Data for this market report pulled from the Iowa City MLS July 9, 2012