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.
Are you looking for the right Realtor to help you navigate the complexities of the Iowa City area real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data pulled from the Iowa City MLS May 9, 2013