Iowa City Real Estate Market Report October 2009
It's November 2 and an opportunity for us to take a first look at the number of homes sold in October in the Iowa City real estate market...And to keep you totally up to date on home sales in the area I also have a couple of links to real estate market reports for Coralville and North Liberty. 
The number of homes sold in Iowa City in October was down just a bit with 53 homes sold in October 2009 in comparison to 55 in October 2008. Real estate is cyclical according to the season, so it's always better to compare to the previous year, rather than to the previous month.
The median price of homes sold in October was $170,000 with an average of 74 days on market.
Check out my market report for September and you'll see that last month we were trending upwards - This month we're pretty flat and trending a touch downwards. Funny market we're in right now. On the up side, looking at the year to date we are still in pretty good shape with the number of homes sold down a modest 4% compared to the same time frame in 2008. Prices are down by 2%.
Buyers of course will continue to profit from what is a flat market. Sellers should also be reasonably happy with the fact that although they're not likely to make a huge profit in this market, they have a very good chance of breaking even. And at the end of the day, as a seller you will almost never make money on both sides of the transaction. If you get more when you sell your home, chances are you will pay more for the next one. In this market it may be the other way round. That's worth thinking about if you're on the fence about listing your home for sale right now.
Source: Iowa City Area MLS. Updated on November 5, 2009.
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