It's almost the end of the month and it doesn't look like this is going to go down as the busiest June on record! According to data pulled from the Iowa City MLS today the number of homes sold in Iowa City this month to date is at 108. That's down by about 30% compared to June 2010 so far. There need to be a lot of closings in the next couple of days to bring that number up. There are 161 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). The number of homes showing as Active Listings is down compared to last week with 516 homes in Iowa City currently listed as active.
516 Active Listings
161 Homes Pending or Contingent
108 Homes Sold in Iowa City in June to date - 66 Single Family Homes, 38 Condos and 4 Zero Lots.
The Absorption Rate is at 9.0 months this week, that's an average of 273 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 aren't where they need to be yet. Especially considering this is the peak selling time of the year. This applies especially to condos. Condo sales are down significantly as you can see in my May Market Report and that trend hasn't changed at all 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!
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 27, 2011
Originally posted @ ichomesforsale.com