Looking at the bigger picture, the trend in Iowa City housing market is moving in the right direction. Even though home sales in Iowa City were down for the month, looking at the number of homes sold January through April, we’re still ahead for the year. 147 homes sold from January through April 2012 compared to 145 January through April 2011. There are also a large number of homes marked as Sale Pending or Contingent on the Iowa City MLS, (241 as I’m writing this), so even though April wasn’t a great month for closings, we have plenty of closings to look forward to through the next few months.

The absorption rate  has gone down a bit this month to 6.6 months. that’s an average of 199 days on market. The calculation for the absorption rate factors in the number of homes currently listed as active on the Iowa City MLS. As the number of homes pending sale goes up, the inventory of homes on the market goes down and that’s good for the absorption rate.  It should improve more through the summer months as more homes sell and the inventory of active listings / number of homes on the market goes down.

	Average Price 2012	Average Price 2011	Median Price 2012	Median Price 2011
January	209,190	260,843	167,450	190,000
February	199,926	226,530	183,000	192,000
March	208,078	210,647	162,000	190,000
April	223,796	200,090	190,950	166,000

So what exactly does all this data mean to you as a home buyer or home seller in Iowa City?

If you’ve got a house to sell in Iowa City, things are looking a whole lot better for you than a few months ago. Spring and early summer is the time when the most buyers are out and about and they are out in their numbers this year.  With so many homes on the market sellers in Iowa City do have a lot of competition. The trick is to make sure your house is priced right and in great showing shape. You want your house to be the one buyers notice so put your best foot forward and see to it that your house is the shiny penny on the block before you list it for sale!

If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. There is still too much inventory on the market for that to change yet. That said, well priced homes that show well are selling fast, especially if they’re in what’s considered a prime location – Close to downtown, walking distance to Campus, close to the UIHC –  These are areas relocating buyers want to be and at this time of the year, just in time for the fall semester, we have A LOT of relocating buyers! The market has bottomed out and it’s on the way up again now. Home prices aren’t dropping anymore and starting to go up, interest rates are  still phenomenally low. Buyers still have lots of choices. The question is just how much longer these excellent conditions for buyers can last…

Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City?  Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!

Iowa City Real Estate Market Report March 2012

 Iowa City Real Estate Market Report February 2012

Iowa City Real Estate Market Report January 2012 

Home Sales in Iowa City January – December 2011

Home Sales in Iowa City by School District January – December 2011

Data for this market report collected from the Iowa City MLS May 17, 2012 – Information is considered accurate, although not guaranteed.

April was a really  good month for home sales in Coralville with 30 homes sold in April 2012 compared to 13 homes sold in April 2011. That high number more than makes up for the fact that home sales in March were pretty flat.  The absorption rate in Coralville is at 7.5 months / 227 days on market. We still have a large inventory of homes on the market in Coralville. With  increased buyer activity and lots of homes contingent or pending sale just waiting to close it can really only be a matter of time before the market “absorbs” more homes in Coralville with the effect that the number of days on market goes down.

Home sales in Coralville in March were flat in March. 16 Homes sold in March 2012 compared to 17 in March 2011. 

The news is good this month for both home buyers and home sellers in Coralville. The steady progress in the real estate market in the last months has hit a high point in April with a big increase in the number of homes sold and homes contingent or pending sale.

Home buyers in Coralville continue to profit from great interest rates and low prices. Home sellers in Coralville on the other hand can be optimistic that if their house is in good shape, shows well and is priced right there’s a good chance it won’t be on the market for long! Two homes that I listed in Coralville and Iowa City in April both took less than a week to get accepted offers. That should give you an idea of just how busy the Iowa City and Coralville real estate market is right now!

Whether you’re buying or selling a home in Coralville I’d love to hear from you… When you’re ready to make your move give me a call at 319-400-0268. 

Source for data: Iowa City MLS May 8, 2012

April was a really  good month for home sales in North Liberty with 44 homes sold in April 2012 compared to 36 homes sold in April 2011. In fact the trend in the housing market in North Liberty is looking great with home sales up in both March and April. The absorption rate is looking good too – 4.5 months / 137 days on market means that we’re working through the high inventory of homes on the market and trending towards a sellers market. Check out the zero lot sales in the chart below. They fell out of favor for a while and they’re back in style now!

Home sales in North Liberty in March were also on the rise compared to March 2011. 30 Homes sold in March 2012 compared to 22 in March 2011. 

The news is good this month for both home buyers and home sellers. Home buyers continue to profit from great interest rates and low prices. Home sellers on the other hand can be optimistic that if their house is in good shape, shows well and is priced right there’s a good chance it won’t be on the market for long!

Whether you’re buying or selling a home in North Liberty I’d love to hear from you… When you’re ready to make your move give me a call at 319-400-0268. 

Source for data: Iowa City MLS May 7, 2012

85 homes in Coralville are marked on the MLS as pending or contingent. That’s a pretty impressive number too. The number of active listings is on the decline too, with 186 listings showing as active on the Iowa City MLS.

Until those homes with accepted offers start closing of course we won’t see any major changes in the absorption rate.  The Absorption Rate is at 7.7 months. That’s an average of 233 days on market.  Check back for updates. Just like me I’m sure you want to know if this positive trend in the housing market in Coralville and Iowa City continues through the summer months. I’ll be staying on top of it so you will find that info here…

186 Active Listings
85 Homes Pending or Contingent
22 homes sold in Coralville in April to date -  10 Single Family Homes, 8 Condos, 4 Zero lots

Whether you’re buying or selling a home in Coralville I’d love to hear from you…  When you’re ready to make your move give me a call at 319-400-0268. 

Data for this market update pulled from the Iowa City MLS April 23, 2012

Until those homes with accepted offers start closing of course we won’t see any major changes in the other market indicators. 26 homes sold in April so far. There are 487 listings showing as active. That’s still a lot of inventory. The Absorption Rate is at 7.1 months. That’s an average of 216 days on market. Until some of those homes under offer start closing we won’t see a change in the absorption rate either. Nonetheless, the tide is turning in the Iowa City real estate market and sellers are in a much better position than they were just a few weeks ago.  I’ve listed two homes in the last week that had accepted offers within days. I’m working with buyers who thought they were in a buyer’s market and are finding houses snapped up before they can even get to see them! It’s way too early to make predictions, but this is a great kick off to the selling season in Iowa City… Check back for updates. Just like me I’m sure you want to know if this trend in the housing market in Iowa City can continue through the summer months. I’ll be staying on top of it so you will find that info here…

487 Active Listings
179 Homes Pending or Contingent
26 homes sold in Iowa City in April to date -  18 Single Family Homes, 6 Condos, 1 Zero lot and 1 Acreage

Whether you’re buying or selling a home in Iowa City I’d love to hear from you…  When you’re ready to make your move give me a call at 319-400-0268. 

 Iowa City Real Estate Market Report March 2012

Iowa City Real Estate Market Report February 2012 

Iowa City Real Estate Market Report January 2012

Home Sales in Iowa City by School District 2011

Home Sales in Iowa City January through December 2011

A Closer Look at Home Sales in Iowa City 2011

Data for this market update pulled from the Iowa City MLS April 16, 2012

Below is a list of the closing costs you can expect when you sell your house in Iowa City. For the purpose of this post I’m going with the nice round number of $200,000 for the sales price. The 5% commission rate is what you pay when you list with Cardinal Realty. Real estate commissions in Iowa are negotiable, you may pay more, (or less), depending on the brokerage. Real taxes in Johnson County are paid 1 year in arrears and you will need to pay them up to the date of closing when you sell a home in Iowa City. Below is an estimate, depending on when you close this number will change. Calculating 1 year’s taxes is a safe estimate, it won’t vary too much from there.

Estimated Closing Costs on a House with a Sales Price of $200,000

Real Estate Commission ( 5 %)  $10,000

Property Taxes $4,000
(Estimate for 1 year real estate taxes, this varies by school district).

Abstract Update $300
(Estimate of fee to attorney for updating the abstract)

Transfer Tax $319,20
(Iowa Real Estate Revenue Tax Calculation, Johnson County)

Deed Preparation $65
(Fee to attorney for the Warranty Deed)

Attorney Closing Fee $150
(Fee to attorney for preparing the HUD-1)

Overnight Mailing Fee or Bank Transfer $20 – $25
(Fee for sending the mortgage pay-off to your bank).

Remember, these are estimates and don’t include any mortgage pay-offs, included are only the costs associated with selling your house in the Iowa City area. Quick disclosure: These numbers are purely informational and need to be verified with a professional before making any major financial decisions. Also, there may be variances from brokerage to brokerage so you should ask your Realtor for a sellers net sheet at the listing appointment.

The spring market has kicked in big time in Iowa City. Are you ready to sell your home? Give me a call, I’d love to hear from you!

Cardinal Realty charges a low 5% commission. You’ll receive a net sheet at our first meeting and there will be no surprises at closing.

2144 14th St, Coralville IA 52241 Spacious living and dining area with vaulted ceilings, 2 Bedrooms on main level, 1 on lower level, Family Room on lower level, 1.75 Bathrooms, Attached one car garage, storage shed in fenced backyard – $129,900

14th St in Coralville is right in the heart of Coralville, on busline and close to schools, parks, biking trails and shopping. North Ridge Park is to the north of 14th St, Morrison Park to the south east. Head south on 22nd Ave and in minutes you can be at Lantern Park Plaza shopping at Hyvee, Hobby Lobby or one of the other retail stores there. Coral Ridge Mall is even closer, within walking distance.  UI Hospitals and Clinics is a real short and easy commute via 12th Ave and 2nd St, (aka Coralville Strip).

Don’t miss this spacious, move in ready zero lot at a great price in a super location! Call me, (or your buyer’s agent), to arrange a showing.

706 Clark St, Iowa City:  $180,000 – 3 Bedroom, 1 1/2 Bathrooms, beautifully landscaped yard, (featured twice on the walking garden tours in Iowa City), 2 Car Detached Garage at rear with alley access.

This Cape Cod style home in the conservation district in Iowa City is sure to impress you with it’s style and charm. Enjoy living in the heart of Iowa City in a wonderful neighborhood  close to all the amenities you could possibly need.

Move in ready with all the important updates taken care of. Fresh paint throughout. New carpet in the upper level. New dishwasher 2012. New furnace 2009. Updated electrical and new roof 2005. Loads of extra storage space on the upper level and a huge full basement just in case you want room to grow.

Have I peaked your interest? Call me, (or your buyer’s agent), to arrange a showing). This is one house you don’t want to miss – You’re in for a treat!

When you look at the chart you’ll see that single family home sales are what buyers in Iowa City are looking for. Buyers are still putting lots of pressure on prices though, with prices for single family homes and condos down compared to last year. This isn’t surprising considering the number of homes on the market in Iowa City. That’s basic supply and demand economics at work. Until the inventory of homes on the market in Iowa City goes down the prices are unlikely to rise.

The absorption rate  increased to 7 months, that’s an average of 213 days on market. The calculation for the absorption rate factors in the number of homes currently listed as active on the MLS. At this time of the year lots of homes come on the market, that’s why the absorption rate / number of days on market is on the rise at the moment and not going down.  (The link at the start of this paragraph takes you to a post I wrote a while back on how the absorption rate is calculated).

	Average Price March 2012	Average Price March 2011	Median Price March 2012	Median Price March 2011
Single Family	232,013	239,739	205,750	215,000
Condos	171,133	174,254	140,000	172,000
Zero Lots	147,450	128,833	147,450	128,500

So what exactly does all this data mean to you as a home buyer or home seller in Iowa City?

If you’ve got a house to sell in Iowa City, now is the time to get it on the market. You want to have your house on the market at a time when there are the most buyers out there to see it. And that just happens to be spring and early summer. With so many homes on the market sellers in Iowa City do have a lot of competition. The trick is to make sure your house is priced right and in great showing shape. There are plenty of buyers out and about, you just need to make sure your home gets noticed!

If you’re thinking of buying a home in Iowa City, we still have something of a buyer’s market. There is still too much inventory on the market for that to change yet. That said, well priced homes that show well are selling fast. I was out with first time home buyers relocating to Iowa City last weekend and 7 of the homes they wanted to see had accepted offers! If you’re in the market to buy a home this year you should get out and do it. Now is not the time to dilly dally. The market has bottomed out and it’s on the way up again now. Home prices are still low, interest rates are also still phenomenally low. Buyers still have lots of choices. The question is just how much longer these perfect conditions for buyers can last…

Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Iowa City?  Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!

 Iowa City Real Estate Market Report February 2012

Iowa City Real Estate Market Report January 2012 

Home Sales in Iowa City January – December 2011

Home Sales in Iowa City by School District January – December 2011

Data for the market report for March collected from the Iowa City MLS April 4, 2012

Schedule for the Iowa City Home & Builder Show 2012:

When?
Friday March 30, 2012 – 5.00pm – 9.00pm
Saturday March 31, 2012 – 10.00am – 6.00pm
Sunday April 1, 2012 – 10.00am – 4.00pm

Where?
Marriott Conference Center, Coralville, IA

Visit iowacityhomes.com for a $1 off coupon
 

The Iowa City Home & Builder Show is a community event and there is also participation by the local high schools.

“Music in the Gazebo” will be running throughout the weekend and features talent from our local high schools

Friday March 30, Regina High School’s Choir will perform from 5pm – 8.00pm

Saturday March 31, West High School’s Men’s Ensemble will perform from 10.00am – 1.00pm

Sunday April 1, vocal ensembles from City High School will perform from 10.00am – 1.00pm.

And there’s food too…..

On Friday night, March 30, Regina High School will host a chili supper near the Gazebo at the Home & Builder Show.

On both Saturday & Sunday City High School and West High School will host pancake breakfasts 

Tickets for the chili supper and breakfasts are $8 and include admission to the Home & Builder Show. Tickets for just the Home & Builder show are $6 for adults. Children under 14 get in free when accompanied by an adult. Get a voucher to park free in the Coralville Marriott’s south parking lot.