After a really strong first half of the year, home sales were down in Coralville in the 3rd Quarter. 118 Homes Sold July – September 2015 compared to 130 in the same time frame in 2014. Home Sales were up in July, but down in both August and September. It’s surprising to see this drop in home sales in Coralville in the 3rd quarter. Especially when you look at the other data indicators and see that both the absorption rate and the contract to listing ratio show positive trends in the Coralville real estate market.
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 3.3 months or 101 days. 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 23% of the homes listed on the Iowa City MLS are under contract – That number is better than Iowa City and shows a positive trend in the Coralville real estate market. We’ll know at the end of the month if home sales are on the rise again in October. Check back for updates. These market reports are a regular feature on my website.
Home Sales in Coralville July – September 2015
Highlights of This Month’s Market Report for Coralville
- Home Sales in Coralville are down by 9.2% July – September 2015 compared to July – September 2014.
- The absorption rate is at 3.3 months, that’s 101 days on market and trending towards a sellers market. The absorption rate hasn’t changed since the mid-year market report in July. That’s a good sign that the market is holding steady.
- There are currently 101 homes in Coralville showing as Active Listings on the MLS and 31 homes are currently showing as Contingent or Sale Pending – That means 23% of the homes listed in Coralville are under contract. That’s a good number for this time of the year.
- Average Price for homes in Coralville down – $211,512 Average price in 2015 compared to $224,271 in 2014
- Median Price for homes in Coralville down – $183,000 median price in 2015 compared to $200,700 in 2014
Whether you’re buying or selling a home in Coralville, working with a Realtor who is on top of the market will go a long way to ensuring the success of your real estate transaction. If you’re a buyer, knowing when you need to jump on a listing is as important as knowing when it’s over-priced!
Regardless of market conditions, sellers will always benefit from the expertise of a good Real Estate Agent. Not every house or condo sells fast. Knowing market conditions 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!
Just the same as with any other service provider, the Realtor you choose to work with will make a difference. When you’re ready to work with an agent who walks her talk when it comes to providing top quality service and has a reputation for “telling it like it is,” you can reach Denise at 319-400-0268, or of course email works too!
Data provided by the Iowa City MLS October 19, 2015