November is shaping up to be another good month for the Iowa City real estate market. 36 homes sold in Iowa City this month to date. 37 homes sold last year in November so we're on track to beat that number easily by the end of the month. 55 homes are listed as pending or contingent. There are 355 homes currently showing as Active Listings on the Iowa City MLS.
Probably the best thing about these numbers is that the number of active listings is going down. A couple of months ago we had 450+ homes on the market in Iowa City. It's nice to see that we're finally working through the inventory of homes on the market. This is a trend we want to continue for the housing market in Iowa City to return to a more balanced market.
355 Active Listings
55 Homes Pending or Contingent
36 Homes Sold in Iowa City in November to date - 18 Single Family Homes, 16 Condos, 2 Zero Lots
The Absorption Rate is at 5.4 months. That's an average of 163 days on market. Under 6 months is technically a sellers market. That's the good news. If you're a seller though you probably want to keep in mind that even though home sales in Iowa City are up there's still a lot of pressure on prices. You really need both home sales and home prices to be on the rise to be a happy seller.
Real Estate Market Report October 2011 Compared to October 2010
Housing Trends in Iowa City 2nd & 3rd Quarter 2011
Iowa City Real Estate Market Report August 2011 Compared to August 2010
Iowa Cityr Real Estate Market Report July 2011 Compared to July 2010
Source for data: Iowa City Area MLS November 21, 2011
Originally posted @ Iowa City Homes For Sale
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