There’s no doubt there’s lots of buyer activity in Coralville and yet home sales in Coralville are down for the year by 5%. That’s looking at all styles and price ranges. If you break it down, then condo sales in Coralville are actually up 8%. That on its own tells you how strong the market is. – Condos took the biggest hit in the downturn and are definitely back in favor with buyers now. Looking at the bigger picture, the low inventory of homes on the market is the reason for the shortfall in the number of homes sold in Coralville in 2014. Right now there are just 59 homes listed as active on the Iowa City MLS – We really need more sellers to brave the cold and put their homes on the market!
Home Sales & Home Prices in Coralville January 1 through December 31, 2014
350 Homes sold in Coralville January through December 2014 compared to 370 homes sold in 2013. The Coralville and Iowa City area real estate market is very seasonal and the largest number of buyers are out looking for homes to buy early in the year. Every year the chart looks similar to the one below with a peak in home sales in May, June and July. (If you figure on buyers writing offers on houses and condos 30 – 60 days before closing you can work out quickly when the Coralville real estate market is most active). In 2014 inventory was so low in the spring and early summer that many buyers ended up not finding the right home when they needed it. Some buyers found the right home in Fall or Winter. Others didn’t. Many of those buyers will return to the marketplace in the coming months. Others won’t. It depends what their motivation was in the first place and whether their circumstances have changed in the last year.
- Number of homes sold in Coralville down 5% in 2014 compared to 2013 – 350 homes sold January – December 2014 compared to 370 in 2013
- Median Price for homes in Coralville almost even with 2013 – $196,750 median price in 2014 compared to $197,000 in 2013
- Average Price for homes in Coralville down 6% in 2014 – $236,342 Average price in 2014 compared to $238,796 in 2013
In an active market it’s surprising to see home prices bob about so much in Coralville. When the inventory of homes on the market is low, that usually sends the prices up. That is not what we see in this chart. That doesn’t change the fact that there IS a real shortage of homes on the market in Coralville and if you’re a seller in Coralville that makes it a good time to list your home. Less competition means the chances are very good that there’s a buyer out there waiting for a home like yours. The market is very active, the trick is to know the market and get all your ducks in a row before you list your house or condo. If you prepare your home for sale and price it in line with the market, it won’t take long before you see your house in Coralville under contract!
Got a house, condo or zero lot to sell in Coralville? Give Denise a call at 319-400-0268 for personal, effective real estate services with a hi-tech advantage. A successful real estate transaction has nothing to do with chance or luck – Every SOLD Sign starts with a plan! Hire an agent who is completely committed to the success of your real estate transaction. Call today to get started on getting that SOLD Sign in your yard!
Looking to buy a home in Iowa City? Hiring a (good) Buyer’s Agent will be your first step to ensuring yours is a smooth and easy real estate transaction. Call Denise today for a smooth and easy buying experience with an agent who will always have your back.
When you’re doing something as important as buying or selling a house you really can’t put a price on peace of mind!
Check back for updates to see how the Coralville real estate market continues to do through 2015.
Data for the Coralville market report pulled from the Iowa City MLS January 14, 2015