Home sale prices off 10% for 2008

Yikes! Home prices for 2008 will be down 10% nation wide! Some markets like Miami are down almost 30%, followed by San Francisco which is down by 25%.

Iowa City is somewhat insulated from national trends, but it not immune to the influence of national real estate trends.

NAR home sales prediction

So, what's the deal? We're all trying to look into the crystal ball and see what our home value future is. Well, the NAR is indicating that 2005 was a banner year for sales, they dipped and will be increasing through 2007 and 2008. Keep in mind that these are numbers of sales and not sales prices, but it is good news for the industry and for individuals, as well.

Steve Seligman at Cornish and Carey Commercial in the Bay Area of California summed it all up after going to the Rolling Stones concert at the Filmore. "Good news is good for real estate. Bad news is bad for real estate." It is really not any more complicated than that. Thank you Steve.

New Demographic Reports

I have just posted new demographic reports for the Johnson County, Iowa area on my commercial website. Go to http://www.iowacitycommercialbroker.com/ and select the demographic tab. I love these reports. They offer in depth, current infomation about this area and give some sort of foundation for decision making.

New market snapshot feature

I just put a new button on my website titled "market snapshot". Unfortunately some of what we do is marketing fluff, but this is the real deal. The link sets up a market snapshot based on your search criteria and emails you a full featured, graphic report showing meaningful statistics, maps, and photos. I am excited about this tool and invite you to give it a try. It is set up for residential properties with active listings, and sold listing information. Go to http://www.icrealestate.com/MarketSnapshot and fill in the form and wait for the response. I think it's great. See if you agree!

Market Update May, 2007

Here is an interesting PowerPoint presentation in PDF form, quoting several reliable sources with information about the current market. The bottom line is that this market is active but very competitive. Click the title "Market Update May, 2007", and enjoy the show!

Sales checkup

So, how's it going so far this year for sales? I only ask because I keep hearing about a tough sales market in real estate, and since I'm a real estate broker, it matters to me how the market is. And, it's not just a professional interest, this is how I make my livelyhood!

Well, I looked up home sales in our market for the last 5 years and they are 2408 sales in 2003, 2471 in 2004, 2644 in 2005 and 2635 in 2006.

We have 2214 active listings right now, and so far we have 557 closed sales and 228 more under contract. That sounds like an active market to me, and not much different from past years that were considered "busy" markets.

I can only conclude that the real estate market in the Iowa City area is health, active and about like it has been for years: very good!

Modest Gains Expected for 2007 Home Sales!

Walter Molony of the National Association of Realtors says we're in for an increase in the number of homes sold nationallly. 2005 was a banner year with 7.03 million home units sold. Last November, (2006) the annual 2006 sales were 6.28 million and should be rising gradually in 2007.

It is early yet, but this news fits with what's happening in the Iowa City area so far this spring. Buyers are out in force and agents are working late and on weekends! Iowa City is insulated somewhat from the national market due to our local demographics and the influence of the university, so this information is not as important to us as it would be to buyers and sellers in a major market.

In any case, it's good to hear good news!

It's a new year!

2007 is shaping up to be a busy year for Realtors. November and December were very slow months, but I got all my filing done! As of January 2, things are popping!

There are currently 1583 residential and 349 commercial properties on the market. This is a little higher than previous years, but not significantly.

Of the residential listings, 797 are homes, 513 are attached condos, 37 are detached condos, 107 are zero lots and 34 are acreages.

Of the 349 commercial properties, 150 are for sale and 199 are for lease.

In the next 3 months it will very interesting to see how many of these listings sell and for what prices. Stay tuned!