Home sales in Coralville in 2016 were up 5% compared to 2015. 375 homes sold in Coralville in 2016 compared to 358 in 2015. This number would have been higher if there had been more homes on the market for the many buyers out and about looking for their new home or condo in Coralville in 2016. I live in Coralville AND I’m a real estate agent. I probably pay more attention to real estate signs than your average driver and even I’m surprised to see so few real estate signs when I’m running my errands. And when I do see signs, many of them have a sale pending or accepted offer sign rider. It’s been slim pickings for Coralville buyers for some time. 2017 is well underway, if you’ve got a house or condo to sell in Coralville and you want to sell and move this summer, now would be the time to list it!
Home Sales in Coralville
January 1 through December 31, 2016
The chart shows that as usual the busiest months for closings in Coralville was between May and August. Home sales were up in June and down a tad in July. That can happen if buyers choose to close on the last day rather than the first day of the month. Other than that, the Coralville real estate market was stable throughout the year with no major ups or downs. As I mentioned before, the market was tight on inventory with many homes getting accepted offers within days of being listed. This Zero Lot Listing of mine was listed at the beginning of November and closed 5 weeks later. That was in the fall. Earlier in the year this house got an accepted offer the same day it was listed.
What is somewhat unique for the Iowa City and Coralville area is that first time home buyers in a lease and buyers relocating to the area for the UI or UIHC are typically out early in the year looking for houses and condos. Buyers and sellers are not always in sync with this, which is why you’ll see fluctuations in my charts every year.
Summary for Home Sales & Home Prices in Coralville 2016
- Number of homes sold in Coralville up 5% in 2016 compared to 2015 – 375 homes sold January – December 2016 compared to 358 in 2015
- The absorption rate is at a very low 1.7 months, that’s 51 days on market – This number is a little skewed a bit by the extreme lack of inventory in Coralville due to sellers taking their homes off the market for the Holidays.
- There are currently just 53 homes showing as Active Listings on the MLS and 19 homes are currently showing as Contingent or Sale Pending – That translates into a 26% contract to listing ratio
- Average Price for homes in Coralville in 2016 up 8% ~ $249,391 Average price in 2016 compared to $231,414 in 2015
- Median Price for homes in Coralville in 2016 up 7% ~ $215,000 median price in 2016 compared to $201,000 in 2015
The real estate market in Coralville continues to favor sellers. Buyers need to be quick off the mark if they don’t want to miss out on the best listings. Now that the new year is well and truly underway you can expect a lot more activity in the coming weeks and months as those early bird buyers in Coralville look for a new place to call home.
Even in a hot market houses don’t sell themselves and sellers will benefit from the expertise of a good Realtor. Knowing what to expect of the market for your specific home in your specific neighborhood is key to your success. Visit our contact page tell us about your home and we can get started on providing the information you need to get your home sold this spring!
Whether you’re buying or selling a home in the Coralville area, when you’re ready to move and want some good, sound advice on how to make your dreams and plans a reality, you can reach Denise directly at 319-400-0268, or of course email works too!
Data provided via the Iowa City Area MLS January 11, 2017
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