Iowa City Real Estate Market Report November 2009
It's the beginning of the month and time for my Iowa City real estate market report for November.
The number of homes sold in Iowa City in November was up by a whopping 90% with 59 homes sold in November 2009 in comparison to 31 in November 2008. Can't beat numbers like that. Of course we had the first time homebuyer tax credit that was due to expire on November 30 and that must have contributed to such a considerable year over year increase.
The average price of homes sold in November was $188,699 with an average of 99 days on market. The average price is down by 15% from last year - A fair indication that it is still the entry level homes that are selling and not the move-up homes. I'd say there's a good chance of that trend changing with the new expanded homebuyer tax credit for repeat buyers.
It's going to be interesting to see what's going to happen in December. The new expanded homebuyer tax credit has a shorter deadline, so we're hoping that will result in an increase in home sales through the winter months.
Buying or selling a home in Iowa City, it's definitely a good time to keep an eye on the market. Subscribe to my blog below and you'll get regular real estate market updates for the area. The more you know before you buy or sell a home, the better shape you'll be in when it comes to either listing a home for sale or making an offer on a home that's currently on the market. (I do a full CMA - Current Market analysis - for both buyers and sellers).
Coralville Real Estate Market Report November 2009
North Liberty Real Estate Market Report November 2009
Source: Iowa City Area MLS. December 3, 2009.
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