Iowa City Real Estate Market Report for September 2009 including homes sales for the 3rd Quarter
This month I thought I'd change the format of my monthly reports and do one for each of my areas.
This one is for Iowa City. And here are links to market reports for Coralville and North Liberty.
I want to start with a year to year comparison for the month of September. 49 homes sold in Iowa City in September 2009 in comparison to 45 in September 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 was $196,000 compared to $175,500 last year.
The average days on market were 116 compared to 77 in September 2008.
The data for September is definitely interesting, especially the increase in median price.
Now since September marked the end of the 3rd quarter it makes sense to look at the home sales in Iowa City from July to September 2009 compared to the same time frame in 2008 too.
There were 306 homes sold in Iowa City from July through September in 2009 in comparison to 288 in the same time frame in 2008. That's an increase of 6%.
The median price for a home in Iowa City in this same time frame is down by 5% to $164,000, compared to $171,750 in 2008.
The days on market remained steady at 91 days for both 2008 and 2009.
All things considered, I'd say the Iowa City real estate market is looking pretty good. It's not clear what we should make of the median price for the 3rd quarter, since there was a spike in the median price for September 2009. I guess we'll have to wait and see what the October data on home sales has for us to see whether that was a glitch or a trend upwards.
With the deadline for the first time home buyer tax credit approaching it will be interesting to see how the housing market reacts if there is no extension.
If you are a first time buyer and thinking of buying before the deadline on November 30, then you probably need to be out there working on a finding a home. Time is tight - There is still time to close on a home, but it is getting kind of close.
Source for data provided: Iowa City Area MLS October 2, 2009
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