A Look Back on the Year
Phew! What a year 2021 was for the local real estate market!
We always enjoy analyzing the data from the previous year as we plan ahead for the new year. Last year’s stats are quite fascinating, but they aren’t all that surprising based on the market conditions we experienced. The market was more competitive than ever; many properties had multiple offers and sales prices went well above the list price. We used tactics in offers that we have never used in our combined 25 years of experience. 2021 was definitely one for the books!
2021 Market Update Stats
Averages Sales Price
The average sales price for our market increased to $270,000. This is a $15,000 increase from 2020, compared to an $11,000 increase from 2019-2020.
Average Sales Price to List Price
This percentage is the highest it has been in recent years; it is typically at 97-98%. This is a clear indicator of just how competitive the market was last year. There was very little room to negotiate on the price, and many properties sold for well over the list price.
Average Days on Market
The average days on market decreased significantly last year – it went from 64 days in 2020 to 52 days. That’s nearly two weeks! This is another representation of the high demand and competitiveness of the market last year. Also, we should note that this statistic can be a little misleading; days on market is calculated from the day a property is listed to the day it has a contingency-free sale. Typically, it takes about 28 days to work through all contingencies.
Over 4,000 properties were sold in 2021 in the greater Iowa City Area market. 246 more properties were sold in 2021 than in 2020 (3,855 were sold in 2020).
*Statistical data courtesy of Iowa City Area Multiple Listing Service
2021 Market Update Conclusions
The Take-Home Message for Iowa City
The numbers do not lie! And they were up across the board. It’s hard to say what 2022 has in store; we’ll just have to wait and see.
We owe a sincere THANK YOU to all our wonderful clients for making 2021 another great year! We look forward to serving you this year!
Wishing you all a prosperous 2022,