Weekly real estate market update for Iowa City February 22, 2010: Homes Sold, Under Contract & Active Listings
511 Active Listings
96 Under Contract
5 Homes Sold Feb 15 - Feb 20
7.0 Months of inventory on the market
An absorption rate of 7 months means Iowa City remains a buyers market for now. Despite the extremely cold and long winter we're having there are a lot of buyers out and about wanting to take advantage of the homebuyer tax credit and with 96 homes under contract things are looking good for spring.
If you're not familiar with the absorption rate 6 months of inventory of homes on the market is considered neutral and less than 6 months a sellers market. For more info here's a link to the first post I wrote where I included the absorption rate and an explanation on how it's calculated.
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