Home Sales in Coralville are up a healthy 16% for the first half of the year. 181 homes sold in in Coralville January – June 2015 compared to 156 homes sold in the same time frame last year. The chart below shows home sales faltered in May, no doubt due to a lack of inventory of homes on the market. Fortunately the shortfall in May was reversed in June with home sales up in June by 47%.
The real estate market in Coralville continues strong through the summer months. The absorption rate and the contract to listing ratio both do a good job of providing us with more information on how strong the Coralville real estate market is. The absorption rate provides insights on the turnover rate of homes in Coralville. That calculation looks at sold listings and how long those houses and condos took to sell. The average time on market in Coralville is 3.5 months or 106 days. The contract to listing ratio looks at what is happening in “real time” and reveals how many buyers are writing contracts. This calculation looks at homes listed as contingent or pending that are waiting to close. Currently 38% of the homes listed in Coralville are under contract – It’s still an active market in Coralville, but not as active as it has been in the last few months. The inventory of homes on the market is higher, but there’s still a shortage of choices for buyers, especially in the lower and mid price ranges.
Homes Sold in Coralville January – June 2015
Highlights of This Month’s Market Report for Coralville
- Home Sales in Coralville are up 16% Year over Year for the first 6 months of the year.
- The absorption rate is at 3.5 months, that’s 106 days on market
- There are currently 110 homes in Coralville listed as Active Listings on the MLS and 66 homes are currently listed as Contingent or Sale Pending – That translates into 38% of the homes listed in Coralville currently under contract
- Average Price for homes in Coralville down – $229,822 Average price in 2015 compared to $241,274 in 2014
- Median Price for homes in Coralville up – $211,000 median price in 2015 compared to $199,750 in 2014
Whether you’re buying or selling a home in Coralville, working with a Realtor who keeps tabs on the market will be key to your success. If you’re a buyer, knowing when you need to jump on a listing is as important as knowing when it’s over-priced. In the current market it could go either way!
In this so-called “hot” market, sellers also benefit from the expertise of a good Realtor. Not every house or condo sells fast. Some homes take longer to sell. As an example, lower priced homes are in short supply in Coralville right now and that’s good for sellers of lower priced homes. There are more choices in the higher price ranges and that translates into a longer market time for sellers in some neighborhoods. Knowing the market 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!
When you’re ready to move, you can reach Denise at 319-400-0268, or of course email works too!
Data provided via the Iowa City MLS July 2, 2015