It’s Spring and time to take a look at how the Coralville real estate market doing. Home Sales are up 4% year over year in Coralville. 53 homes sold January – March 2019 compared to 51 in the same time frame in 2018. Home Sales may not be up by much, but Home Prices definitely are! The average price of homes in Coralville in the 1st quarter is up 22% compared to last year. The average price is $293,143 January – March 2019 compared to $240,578 in the same time frame last year.
Homes Sold in Coralville 1st Quarter 2019
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 a clearer picture of how the Coralville real estate 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 3.7 months or 111 days. Anything under 6 months is trending towards a sellers market. At 3.7 months it’s definitely 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 will close in the near future. Currently 46% of the Coralville homes listed on the Iowa City MLS are under contract. This is another good sign that there are plenty of buyers out and about writing contracts.
Highlights for the 1st Quarter: Real Estate Market Coralville
- Home Sales in Coralville are up 4% compared to last year. 53 homes sold January – March 2019 compared to 51 homes sold in the same time frame in 2018.
- The absorption rate is at 3.7 months, that’s 111 days on market and strongly trending towards a sellers market.
- There are currently 116 homes in Coralville showing as Active Listings on the MLS and 100 homes are currently showing as Contingent or Sale Pending – That means 46% of Coralville homes listed on the Iowa City MLS are under contract.
- Average Price for Single Family Homes in Coralville is UP – $359,229 Average price in the 1st Quarter 2019 compared to $313,190 in 2018
- Average Price for Condos in Coralville is down – $152,608 Average price in the 1st Quarter 2019 compared to $185,463 in 2018.
The data is all positive for the Coralville real estate market at the end of the 1st quarter. Coralville is on track for a strong spring and summer selling season in 2019. As great as numbers are at showing trends, they don’t always give a true picture of the real estate market.
Looking at the average price of condos in Coralville, you might think the condo market is weakening. I help a lot of clients both buying and selling condos in Coralville and know for a fact that condos are selling like hot cakes, especially in the lower price ranges. In fact, that lower price is probably based on the fact that many lower priced condos are included in the calculation.
Conversely, the incredibly high average price shown for single family homes shows that there were more buyers out looking for higher priced homes this year. That translates into more higher priced homes than is typical for Coralville in an “average” year being included in that average price calculation.
What’s the takeaway for you as a buyer or seller in Coralville? With all the information freely available on the Internet, it is still worth it to find yourself a good real estate agent with knowledge of the Coralville real estate market to help you navigate your way through the home buying or home selling experience. Knowledge is power in a real estate transaction and the best way to make sure you have all the information you need is to work with an agent who knows the market backwards and forwards.
Buying or Selling a home. 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 April 19, 2019