Iowa City, Coralville & North Liberty IA Real Estate Market Update August 2009
Home sales for August are in for Iowa City, Coralville and North Liberty and it appears the swing upwards we enjoyed in July has pulled back again and numbers are down in August. It appears the first time home buyer market peaked in July. Considering that a vast number of renters in the Iowa City area sign leases starting August 1 that would make a lot of sense.
The number of homes sold in Iowa City was down 8%. 84 homes were sold in August 2008 in comparison to 91 in August 2008.
In Coralville it was down 19% from last year. 29 homes were sold this year in comparison to 36 in August 2008.
The biggest decline comes in North Liberty where the number of homes sold in comparison to last year is down by 49%. In July it was up by 46% in comparison to July 2008, as you will know if you saw last month's update. Now we have a drop of 49% with just 44 homes sold in August 2009 compared to 87 in August 2008.
Month to month numbers are difficult for analysis, as you'll know if you watch Bloomberg television. There are too many variables - for instance how many homes closed on July 31, compared to August 1... That little detail can skew the numbers for the month quite a bit. Analysis is much more effective when the numbers have time to average out over a longer period of time.
Precisely for that reason I went into the MLS and looked at the number of homes sold for the year to date in comparison to last year. I have an inquiring mind, I need to know this stuff! Anyway, Home sales are up in North Liberty for the year to date by 11%. In Iowa City they are down by 4.0% and in Coralville they are also down by 7.0%.
That puts things more in perspective, don't you think? If you're like me and appreciate more info, you'll find an easy to read table with prices, number of homes sold and days on market on my website.
Thanks for visiting. Please keep me in mind - I will be doing regular monthly updates and next month it will be for the third quarter.
Source for data: Iowa City Area MLS September 2, 2009
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