How's the real estate market doing in the Iowa City area now that Labor Day is here and we're officially saying goodbye to summer? Today's market statistics look at August and the year to date in the Iowa City area. I'm including the number of homes sold in Coralville and North Liberty too, since these three areas flow into one another as part of the greater Iowa City area. Also, including all three areas illustrates just how local real estate is. Even though Iowa City, Coralville, and North Liberty share boundaries with one another the stats don't look the same for all three areas.
Snapshot of Homes Sold January - September 5, 2016
Homes Sold in Iowa City ~ Market Snapshot September 5, 2016
- 112 homes sold in Iowa City in August 2016 compared to 90 homes sold in August 2015. That's an increase of 24%. Single family home sales are even with last year, while condo sales are more than double what they were in 2015. (36 condos sold in August 2016 compared to 16 last year). Iowa City has been with a lack of inventory of homes on the market throughout the year. It's good to see buyers finding what they wanted in August!
- Home Sales in Iowa City are up 5% for the year. 844 homes sold so far this year, compared to 800 in the same time frame last year.
Homes Sold in Coralville ~ Market Snapshot September 5, 2016
- 36 Homes Sold in Coralville in August 2016 compared to 36 in August 2015. The lack of an increase in home sales in Coralville is misleading. The acute lack of inventory of homes on the market in Coralville means buyers are struggling to find homes to buy, especially in the lower price ranges. We don't typically see home sales even with last year as a positive, but in this case it is.
- Home Sales in Coralville are also equal with last year. 287 homes sold so far this year, compared to 287 last year too. The Coralville real estate market would be doing better if there were just more houses on the market. Right now there are just 82 homes listed as active on the MLS in Coralville. Unlike in Iowa City, buyers in Coralville are not finding what they are looking for.
Homes Sold in North Liberty ~ Market Snapshot September 5, 2016
- 51 Homes Sold in North Liberty in August compared to 56 in August 2015. North Liberty is always a very active market, so it's surprising to see the number of homes sold down for the month. Single family home sales are about even with last year, while condo sales are down. That's completely the opposite trend to Iowa City and surprising in North Liberty where newer condos are a popular choice with buyers.
- Home Sales in North Liberty are down 3.5% for the year. 439 homes sold in North Liberty so far this year compared to 455 in the same time frame in 2015. This is also a surprising trend. The inventory of homes on the market in North Liberty is low, but not at acutely low levels like in Coralville.
What are the takeaways from the information in this market report?
The real estate market in the Iowa City area is not showing any signs of slowing down with lots of buyer activity as we head towards Fall.
Iowa City has the strongest numbers and it's likely this positive trend will continue through the Fall months. This is a good time for both buyers and sellers in Iowa City.
Coralville is really in need of more sellers stepping up and putting their homes on the market if there is to be an increase in home sales in Coralville this year.
North Liberty is performing a little below expectations at the moment. Hopefully the strong buyer activity will reverse that trend in the coming months. That would not be the slightest bit surprising. The Iowa City area real estate market runs in cycles and it's not at all unusual right after back to school time for it to get a "second wind" in the Fall! Don't take my word for it though. Regular market updates can be found on my website if you want to check back again soon!
Got questions about the local real estate market or want a more detailed analysis of your house and neighborhood? Give Denise a call at 319-400-0268. Whether you want to list your house or condo now or in the future, I'm always happy to share information to help you make the decisions that are right for you.
Data for this market snapshot pulled from the Iowa City area MLS on September 5, 2016