Iowa City Homes: Weekly Market Update - Homes Sold - Homes Under Contract & Active Listings

By
Real Estate Broker/Owner with Cardinal Realty ~ 319-400-0268

Real estate market update iowa city november 29, 2010


440 Active Listings
39 Homes Under Contract
3 Homes Sold November 22 - November 27, 2010

~ 1128 Foster Rd - List Price $128,400 - Sold Price $123,000 - 179 days on market ~
~ 908 Willow St - List Price $164,900 - Sold Price $164,900 - 85 days on market ~
~ 313 Windsor Dr - List Price $198,500 - Sold Price $197,500 - 67 days on market ~


This is a snapshot of the Iowa City real estate market November 29, 2010.  2 single family homes and 1 condo sold last week. I think the take away from these stats is that homes sell nearer the asking price when they haven't spent too much time on the market. Not exactly a new revelation, but certainly something that buyers and sellers have an easier time understanding when they see actual data.

The absorption rate for Iowa City is 6.8 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. 773 homes sold in the last 12 months in Iowa City and there are currently 440 showing as active listings.

773/440 = 1.75 - That means the inventory of homes in Iowa City turned 1.75 times in the last 12 months.


Now we take the 12 months and divide it by 1.75 to come up with the absorption rate.

12/1.75 = 6.8 months = 207 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 7.0 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.

Last Week's Weekly Market Update for Iowa City

 

Originally posted @ ichomesforsale.com

Posted by

Denise Hamlin, Realtor®

Broker/Owner

CARDINAL Realty, Coralville IA 

Licensed to Sell Real Estate in the State of Iowa

 

Helping Happy Clients Make Smart Choices 

Iowa City Area Real Estate Services

 

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

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Iowa Johnson County Iowa City
Groups:
Posts to Localism
Tags:
iowa city real estate
homes sold iowa city
iowa city market reports
iowa city market statistics
housing trends iowa city

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
566,630

Denise Hamlin, Broker/Owner

Helping Happy Clients Make Smart Choices
Got Questions? Just Ask!
*
*
*
*
Spam prevention

Additional Information