Looks like I picked a good day to do a market update for Iowa City. 16 homes sold in Iowa City in the first 16 days of 2012. Gotta love those numbers - A great kick off to the year, especially considering only 13 homes sold in all of January in 2011.
42 homes are listed as pending or contingent and 282 homes are currently showing as Active Listings on the Iowa City MLS. That's not a lot of inventory. It's possible sellers took their homes off the market for the Holidays. Now would be a REALLY good time to list again - I know buyers are looking for fresh listings!
282 Active Listings
42 Homes Pending or Contingent
16 Homes Sold in Iowa City in January to date - 14 Single Family Homes, 2 Condos
The Absorption Rate is at 4.2 months. That's an average of 126 days on market, (and technically a sellers market). If you follow the link you'll find out more about how the absorption rate is calculated. The number of active listings is part of that calculation and since that number is low we can't really pay too much attention to the absorption rate.
That said, the low inventory is a good sign. (At least from a sellers's perspective). It looks like the pendulum may be swinging back towards sellers again. For the longest time we've had more houses than buyers to buy them. With less houses on the market in Iowa City that dynamic may change soon. What happens in the next few months is key to that so check back for updates - If you're a regular reader anyway you know this is the go-to destination for information on what's happening in the Iowa City real estate market. I'm a bit of a data freak and like to keep tabs on housing trends in Iowa City!
Home Sales in Iowa City January through December 2011
A Closer Look at Home Sales in Iowa City 2011
Originally posted @ Iowa City Homes For Sale
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