This market snapshot takes a first look at home sales and home prices in Coralville for the year. Yesterday I looked at Iowa City and interestingly the trend in Coralville looks very similar. I’ve been doing these market reports for many years and it’s not always that way, which is why it’s worth mentioning. Coralville is a much smaller market than Iowa City and yet the trending indicators are all looking very similar in today’s report, compared to the one I did yesterday for Iowa City.
Getting down to the nitty gritty, home prices are up in Coralville, while home sales in Coralville are about even in 2017 compared to 2016, at least according to data on the MLS today. (This is a first look for the year and that might change as agents enter more sold listings into the MLS system after the Holidays). Homes in Coralville are moving fast too, with short market times. Buyers don’t have a lot of choices and that means opportunities for sellers who don’t have too much competition when they put their houses or condos on the market. This applies especially in the lower price ranges.
Homes Sold in Coralville January – December 2017
Home Sales & Home Prices in Coralville January – December 2017
- Home Sales are even with last year. 374 Homes sold in Coralville January – December 2017 compared to 375 homes sold in the same time frame in 2016.
- The absorption rate is at a very low 1.5 months, that’s 47 days on market
- There are currently 46 homes showing as Active Listings on the MLS and 21 homes are currently showing as Contingent or Sale Pending – That translates into a 31% contract to listing ratio – That means there are a good number of buyers out writing contracts in Coralville.
- Average Price for single family homes in Coralville January – December is UP ~ Average price is $319,515 in 2017 compared to $317,317 in 2016
- Average Price for Condos in Coralville is also UP ~ Average price is $208,186 in 2017 compared to $193,172 in 2016
If you’re thinking of selling your home in Coralville this spring, now is the time to start thinking about your strategy. Knowing what to expect of the market for your specific home in your specific neighborhood is key to your success. Detail oriented and with in depth knowledge of the Coralville and Iowa City area real estate market, we can help with that. To get started, click this link and tell us a little bit about your house or condo and what your expectations are. Alternatively you can reach me, Denise, at 319-400-0268.
Data provided via the Iowa City MLS January 2, 2018