After looking at Housing Trends in Iowa City last week, today I’m taking a look at how the real estate market in Coralville is shaping up for the year. The chart below shows home sales in Coralville January through October 2013 compared to home sales in Coralville in 2012. 323 homes sold in Coralville January through October 2013 compared to 290 in the same time period last year. That’s an increase of 11%. There’s also an increase of 8% in the average price of a home and a 5% rise in the median price of a home compared to last year. The big winners for the year are single family homes. Single family home sales are up by 24%. Condo sales are still struggling in Coralville with condo sales down by 7%.
Home sales in Coralville from January – October 2013
- Number of homes sold so far this year is up 11% compared to 2012
- Single family home sales are up by 24% – 183 single family homes in 2013 compared to 147 homes sold in 2012
- Condo Sales are down by 7% – 76 condos sold January – October in 2013 compared to 82 condos sold in 2012
- The average price of a single family home is up by 5% for the year. Median price it’s up by 3%.
- The average price of a condo is up by 4% for the year. The median price is up by 30%
Summing up the data, the Coralville IA real estate market is looking good, especially when it comes to single family homes. Condo sales look a little different and throw out some confusing data. The high increase in the median price shows that it’s higher end condos that are selling. We need to see more sales in the lower price ranges too to convince us that there is real stability in the Coralville housing market. On the upside, the market is very active for the time of the year. It’s a good time for both buyers and sellers to enter the real estate market in Coralville. Buyers are still looking for quality homes at reasonable price. This provides sellers with an excellent opportunity to get their home seen and sold!
Do you have a house to sell in Coralville? Hiring a Realtor who’s on top of the market is your first step to a successful real estate transaction!
Data provided by the Iowa City MLS November 11, 2012