Home sales are on track to be up again in February in Iowa City - This will be the 8th straight month where we see in increase in home sales. It looks like we're in for a really good spring and summer in the Iowa City real estate market.
So now to the numbers. 15 homes sold in Iowa City in February so far compared to 11 this time last year. 71 homes are listed as pending or contingent and 379 homes are currently showing as Active Listings on the Iowa City MLS.
If you're on the fence about selling your home, now would be a REALLY good time to list it! Spring is right around the corner. Iowa City is a relocation destination and the next few months is when new Residents and Faculty for the UI Hospitals and University of Iowa start looking for accommodation this Fall. Add to that the renters that are looking to move into their own home around the time their lease expires in June or July and you have a big pool of buyers out there. I get so many searches to my website from sellers asking the question about when is the best time to list a home in Iowa City. The answer to that is NOW!
379 Active Listings
71 Homes Pending or Contingent
15 homes sold in Iowa City in February to date - 9 Single Family Homes, 5 Condos and one Zero lot
The Absorption Rate is at 5.5 months. That's an average of 167 days on market. If you follow the link you'll find out more about how the absorption rate is calculated. The absorption rate is up from 4.5 months last month and has to do with the fact that inventory of homes on the market is higher. One thing is for sure, houses in Iowa City are selling in greater numbers again. If this trend in the Iowa City Housing Market continues in the coming months and we have a higher turnover of homes on the market we will see a more stable and balanced market in Iowa City very soon.
Whether you're buying or selling a home in Iowa City, I'd love to hear from you. As your Local "Virtual" Brokerage Cardinal Realty offers top of the line service to buyers and sellers. With a "keep it simple" approach to real estate my goal is to leverage the power of the Internet and Technology and combine that with Personal Service to offer unparalleled support to clients throughout the buying or selling process.
Data for this market update pulled from the Iowa City MLS February 20, 2011
Originally posted at Iowa City Homes for Sale