Home Sales in Iowa City January - September 2014
Home Sales were up for September and yet down by 3.3% for the year in Iowa City. Today I thought I'd take a closer look at the data to see where the shortfall is. The real estate market in Iowa City was hopping in spring and summer so it may not make sense to you to see home sales down. There's really quite a simple explanation for that - The lack of choices for buyers looking for homes is what caused the shortfall. The question is, what exactly were buyers looking for that they didn't find? The answer is in the chart below.
The chart shows home sales in Iowa City from January through September. It includes what I'm going to call the "market movers" - Single Family Homes, Condos and Zero Lots. These are the styles / types of homes that make up the bulk of the residential home sales in Iowa City. A quick glance will tell you right away that single family homes were in short supply for the many buyers out and about this spring. Home Sales held steady through the first half of the year, but as inventory got tight the number of closings went down in July and August.
On the upside, the inventory of homes on the market in Iowa City has gone up in the last few months and with it the number homes sold in September is also up.
Single Family Homes - Condos - Zero Lot Sales in Iowa City
What does this data mean to buyers and sellers in Iowa City?
The Iowa City real estate market is trending towards a seller's market with 4+ months of inventory of homes on the market. This is great news for sellers. Of course the same rules applies anytime sellers have their homes on the market - Well prepared homes that are priced in line with the market will sell quickest.
Buyers and Investors will need to be diligent and if they find a home they like, not sit on the fence too long making a decision. The Iowa City real estate market typically slows down in the fall, but with many buyers not finding the house they were looking for earlier in the year, the signs are that we're heading for a busy fall.
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To find a complete list of all real estate available in the Iowa City, follow the link to Iowa City Homes For Sale
Are you looking for the right Realtor to help you you navigate the complexities of the Iowa City real estate market, all the while looking out for you and your money? I take watching out for buyer and seller clients very seriously and with good communication skills and attention to detail you’ll always know that sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data provided by the Iowa City Area MLS October 9, 2014