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Old 04-17-2014, 06:11 PM
 
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I moved to the area in September and this is my first Spring in IC. On my drive to and from downtown today (from the east side of the city) I noticed a whole lot "For Sale" signs on houses. In fact I counted 15 just on the streets I drove on alone. I was just wondering if this was normal in Iowa City or are home sales on the rise?
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Old 04-17-2014, 06:52 PM
 
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Originally Posted by JohnsonFamily88 View Post
I moved to the area in September and this is my first Spring in IC. On my drive to and from downtown today (from the east side of the city) I noticed a whole lot "For Sale" signs on houses. In fact I counted 15 just on the streets I drove on alone. I was just wondering if this was normal in Iowa City or are home sales on the rise?
I've noticed this about Iowa City ever since I moved here several years ago. I don't have any data, but my wife and I frequently comment about how many homes always seem to be for sale. I imagine it has something to do with the transient nature of Iowa City. There have been several recent articles about the very high apartment occupancy rate in Iowa City (like 98 percent), and this article is from yesterday. Housing Demand High in Iowa City - KGAN-TV CBS 2 Iowa - Top Stories
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Old 04-21-2014, 10:36 AM
 
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I believe the high occupancy rate reflects on University of Iowa's ability to draw in students. Right now we are going through a student loan bubble, or an "education credential bubble". This is differentiated by an education bubble because there are vastly more degrees coming out of the universities (across all universities) than there are people capable of finding good employment.

There is a very high seasonal swing in real estate correlations. I don't have the graphs, but most realtors can provide them. I imagine that after the very harsh winter that Iowa had that Spring bump in houses for sale might be even bigger as people who dislike winter may feel prompted to take the next step.

Therefore, these two facts should not be seen as contrary in any way. The supply and demand markets after very different, despite appearing to be highly linked. Because a great deal of demand comes from students, it won't lead to as many house buyers, since (undergraduate) students can very rarely afford to buy houses.

As another side note. I saw hundreds of houses being built while I lived there. I saw zero apartment buildings under construction. There is a trend in our society towards living in apartments as a way to deal with increasing costs and decreasing (real = inflation adjusted for those that don't know economics) wages. More people are either living in apartments with roommates or moving back in with their parents because there is a lack of respectable jobs.
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Old 04-21-2014, 10:50 AM
 
Location: Des Moines Metro
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I imagine that after the very harsh winter that Iowa had that Spring bump in houses for sale might be even bigger as people who dislike winter may feel prompted to take the next step.
There are five (!) homes for sale nearby right now for this reason. The owners are at or near retirement age and have said, "Enough!" Two of them put their homes on the market on the same weekend.
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