Weekly Real Estate Market Update Iowa City March 8, 2010: Homes Sold - Under Contract - Active Listings

By
Real Estate Agent with Cardinal Realty - Locally Owned Real Estate Company

Weekly real estate market report Iowa City March 8, 2010

 

weekly real estate market update Iowa City March 8, 2010

 

584 Active Listings
101 Homes Under Contract
12 Homes Sold March 1 - March 6
8.0 Months of inventory on the market


An absorption rate of 8 months means Iowa City remains a buyers market for now. The absorption rate takes into account homes sold and not those under contract. And with 101 homes under contract we can see there's a lot of buyer activity in Iowa City with buyers wanting to take advantage of the homebuyer tax credit before the deadline of April 30, so we will probably see some changes in this trend soon.

If you're not familiar with the absorption rate, more than 6 months inventory of homes on the market is a buyers market. 6 months of inventory of homes is considered neutral and less than 6 months a sellers market. For more info here's a link to the first post I wrote including the absorption rate with an explanation on how it's calculated.

Last week's real estate market update for Iowa City

Real Estate Market Report for Iowa City February 2010

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Topic:
Real Estate Market Trends
Location:
Iowa Johnson County Iowa City
Groups:
Posts to Localism
Tags:
weekly real estate market update iowa city
iowa city real estate market
absorption rate
homes sold iowa city

Comments 2 New Comment

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Rainmaker
341,459
Elizabeth Bolton
Cambridge MA Realtor
RE/MAX Destiny Real Estate Cambridge, MA

Hi Denise ~ This is a very interesting way to look at the data about the Iowa City real estate market. I don't usually pull the stats the same way but you piqued my curiousity.  Looks like you've got properties under agreement equivalent to 1/6 of your current inventory. For us it was 1/5.  I'm going to watch that number.

Sounds like there are some good opportunities for buyers in your area and that many are taking advantage. 

Liz

March 09, 2010 09:49 AM
Rainmaker
407,794
Denise Hamlin
Real Estate & Relocation Services 319-400-0268
Cardinal Realty - Locally Owned Real Estate Company

Hi Liz ~ Aah, that's the thing with data. There are so many ways to read it. I obviously do the the way it makes most sense to me! Right now I think things are a bit skewed anyway. The absorption rate is based on homes sold and not those under contract, so based on the number of homes we do have under contract we should see some definite changes in the next few months. (And definitely by June 30 the cut off date for closing for the homebuyer tax credit). Interesting times. We will both be watching those numbers!

Denise

March 09, 2010 10:08 AM
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Rainmaker
407,794

Denise Hamlin

Real Estate & Relocation Services 319-400-0268
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