Fall is at the door and it’s time to catch up and share what’s been going on in the real estate market in Coralville this year. After the busy spring and summer months it’s typically slower later in the year and this year is no exception. That said, considering how busy the peak selling months of the year were in Coralville, it’s a bit of a surprise to see both home sales and home prices down for the year. Home Sales in Coralville are down 3%, while home prices are down 4%. The bar chart below shows that Zero Lot Sales are up, while both Single Family Home Sales and Condo Sales are down. A lack of inventory in the lower price ranges is likely the biggest reason behind this. Although rising interest rates are probably having an impact too.
Home Sales in Coralville January – September 2018
Contract to Listing Ratio + Absorption Rate Coralville
In addition to looking at home sales and home prices in the first quarter, the absorption rate and the contract to listing ratio both help to provide an even clearer picture of how the Coralville housing market is trending. 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 3.4 months or 106 days. Anything under 6 months is trending towards a sellers market. At 3.4 months Coralville is still a sellers 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. In the spring and summer months it’s not unusual to see a contract to listing ratio nearer 50%. This is however Fall and 25% is about average for this time of the year in Coralville.
Highlights for the Spring Market in Coralville
- Home Sales in Coralville are down compared to last year. 299 homes sold January – September 2018 compared to 308 homes sold in the same time frame in 2017.
- The absorption rate is at 3.4 months, that’s 106 days on market and still trending to a sellers market.
- There are currently 108 homes in Coralville showing as Active Listings on the MLS and 36 homes currently showing as Contingent or Sale Pending – That means 25% of the homes listed in Coralville are under contract.
- Average Price for Single Family Homes in Coralville is down – $329,146 Average price in Fall 2018 compared to $332,600 in 2017
- Average Price for Condos in Coralville is down – $205,571 Average price in spring 2017 compared to $220,691 in 2017
- Average Price for Zero Lots in Coralville is up – $177,482 in 2018 compared to $168,308 in Fall 2017
The data in this Fall real estate market report for Coralville is mixed. A lack of homes on the market when buyers were out and about in spring and summer had an impact on the Coralville housing market this year. Now we’re heading towards winter now and it seems unlikely we’ll see a trend towards more buyers entering the market place this late in the year. Especially with rising interest rates. Time will tell. These market reports are a regular feature on my site, so check back for updates!
Regardless of whether it’s a buyer’s or seller’s market, homes don’t sell themselves. Sellers will always benefit from the expertise of a good Realtor who understands the Coralville real estate market. Knowing what to expect of the market for your specific home in your specific neighborhood is key to your success.
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 via the Iowa City MLS October 11, 2018