Iowa City Home Sellers Market Update November 2009
It's coming to the end of the month and almost time for my monthly real estate market report giving a general picture of how the market in Iowa City is trending. As we work our way through a time of transition I figured it would be a good time to put together a few numbers with home sellers in mind. If you have your home listed right now, or are thinking about listing it, then the idea is to look at the real estate market from your perspective.
Homes sold in Iowa City November 1 - November 23: 49
That's an increase of 58% over last year already - 31 homes sold in the entire month of November 2008.
33 of the homes sold were priced below $200,000, the remaining 16 obviously above. 
Average sale price: $186,263
Average Days on Market: 104
Active Listings: 530
Absorption Rate: 7.2 Months (Here's an explanation on how the absorption rate is calculated if you need it).
Home sales are up significantly for the month. With the new tax credit for repeat buyers there's a good chance this trend will continue and improve in the coming months. As a seller though you can't afford to be complacent about that. We still have a high inventory of homes on the market, so buyers can afford to be picky. When you list your home for sale you will do best when you keep that in mind. Your home needs to be priced right and look spectacular to get a buyers attention in the current market. We haven't made the transition to a sellers market so far, so nothing's changed there just yet.
There are so many nuances when it comes to selling a home. If you are thinking of selling your home in Iowa City in the near future and would like to talk about your specific situation, please contact me @ 319-400-0268.
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