Friday, May 25, 2007
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!
Wednesday, May 2, 2007
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!
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!
Monday, January 22, 2007
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 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!
Wednesday, January 10, 2007
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!
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!
Friday, December 29, 2006
2006 real estate review
I keep reading about the real estate bubble, but I don't believe we have seen any evidence of this in the Iowa City area. Let's look at the record:
In 2006 there were 2607 homes (read residential properties) sold for a total sales volume of $469,413,392. The average sale price was $180,059, houses sold after an average of 107 days on the market, and brought 96% of what they were listed for.
In 2005 the sales were 2644 homes for a total volume of $466,684,582. The average sales price was $176,507 and houses sold in an average of 103 days for 97% of what they were listed for.
This represents a 2% increase in the average sales price over 2005. Over the last 25 years, home prices have gone up an average of 6.91% per year, so we are off just a bit, but prices are still going up at reasonable levels, houses are on the market for reasonable time periods, and sellers are receiving most of what they are asking for.
This is good news. I read the paper too, and was nervous about the prospects for 2006. The facts bear out that our market is on sound footing and although not immune from national real estate trends, we are at least insulated from them.
In 2006 there were 2607 homes (read residential properties) sold for a total sales volume of $469,413,392. The average sale price was $180,059, houses sold after an average of 107 days on the market, and brought 96% of what they were listed for.
In 2005 the sales were 2644 homes for a total volume of $466,684,582. The average sales price was $176,507 and houses sold in an average of 103 days for 97% of what they were listed for.
This represents a 2% increase in the average sales price over 2005. Over the last 25 years, home prices have gone up an average of 6.91% per year, so we are off just a bit, but prices are still going up at reasonable levels, houses are on the market for reasonable time periods, and sellers are receiving most of what they are asking for.
This is good news. I read the paper too, and was nervous about the prospects for 2006. The facts bear out that our market is on sound footing and although not immune from national real estate trends, we are at least insulated from them.
Thursday, December 28, 2006
Welcome to Jeff's Iowa City Real Estate Blog
Welcome. Local real estate news, that is real real estate news is hard to come by. We'll fix that! I will sift the statistics and facts and post information relevant to a buyer's or seller's interests in Iowa City area real estate.
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