The Coralville real estate market is looking good with lots of homes under contract. Buyers are out in force writing contracts, but oddly enough home sales in Coralville are not reflected in this busy market just yet. 22 homes Sold in Coralville in April 2013 compared to 30 in April 2012. It’s unexpected that home sales in Coralville are down for the month, but since the other market indicators are looking great there’s no need to dwell on it. 105 homes are marked as contingent or sale pending on the Iowa City MLS. To put that in some kind of perspective, 85 homes were under contract at the end of April last year. That link to last year’s update also shows that there were a lot more homes on the market this time last year too.
Coralville Real Estate Market Update April 1 through April 30, 2013
- 22 homes sold in Coralville in April 2013 compared to 30 in April 2012
- Average price for single family homes - $276,779 in April 2013 compared to $277,385 in 2012
- Average price for condos - $173,889 in April 2013 compared to $131,111 in 2012
- The absorption rate is at 5.6 months, that’s 170 days on market. (The link takes you to a post that shows how the absorption rate is calculated).
- There are currently 150 homes in Coralville showing as Active Listings on the MLS
- 105 homes are currently showing as Contingent or Sale Pending on the MLS
- 6 homes expired in April
The Spring Market has arrived and we’re off to a good start for the season in the Coralville real estate market. The absorption rate shows we have a balanced market. That’s good for both buyers and sellers. The best news is that with the lower inventory, (number of homes on the market in Coralville), sellers have less competition. This is a trend we want to see and will lead to an increase in home prices – A trend that will make all home owners and home sellers happy in the long run.
Have you got a house to sell in Coralville? Want to know what you’re home is worth in today’s market? A “common sense” approach to real estate means that when you call for a FREE Market Analysis you’ll get an honest and realistic assessment of your home’s value. It will be based on sound market data and include an analysis of current market conditions in the Coralville real estate market. Call Denise today at 319-400-0268
Looking to buy a home in Coralville? At Cardinal Realty we represent both buyers and sellers, (just preferably not in the same transaction). Call Denise at 319-400-0268 for personal buyer representation.
Data pulled from the Iowa City MLS May 9, 2013