Home Sales are up 4% for the 3rd quarter in Coralville. 124 Homes Sold July – September 2016 compared to 119 in the same time frame in 2015. Home Sales were actually down in July and managed to recover to come out ahead in September. The Coralville real estate market is in great shape. The only reason home sales are not up more is the extreme lack of inventory of homes on the market in Coralville – Buyers just don’t have many choices of homes to buy right now!
The absorption rate provides information on the turnover rate of homes in Coralville. That calculation looks at sold listings and how long they took to sell. The average time on market in Coralville is 2.4 months or 73 days on market. The contract to listing ratio looks at what is happening in “real time” and how many buyers are writing contracts. This calculation looks at homes contingent or pending that are waiting to close. Currently 25% of the homes listed on the Iowa City MLS are under contract. Both of these pieces of data give us more insights on that low inventory in Coralville that I mentioned in the last paragraph.
Home Sales in Coralville July – September 2016
Highlights of This Month’s Market Report for Coralville
- Home Sales in Coralville are up 4% July – September 2016 compared to July – September 2015.
- The absorption rate is at a very low 2.3 months, that’s 73 days on market and definitely trending towards a sellers market.
- There are currently just 75 homes in Coralville showing as Active Listings on the MLS and 25 homes are currently showing as Contingent or Sale Pending – It’s the lack of choices of homes to buy that’s making it harder for buyers to find the right house this fall.
- Average Price for homes in Coralville up – $233,883 Average price in 2016 compared to $210,415 in 2015
- Median Price for homes in Coralville up – $200,000 median price in 2016 compared to $182,500 in 2015
Regardless of market conditions, sellers will always benefit from the expertise of a good Real Estate Agent. The more you know and understand about the Coralville real estate market the better your chances are of a quick sale. Working on a strategy for your specific home in your specific neighborhood is key to your success. The best way to find that out is to talk to a good Realtor!
Whatever your real estate goals are, when you’re ready to work with an agent who has a reputation for doing what it takes to make yours a smooth and stress free buying or selling experience, you can reach Denise directly at 319-400-0268, or of course email works too!
Data provided by the Iowa City MLS October 28, 2016