With just one month of the year left, Home Sales are up 4% for the year in Coralville. 351 Homes Sold January – November 2016 compared to 336 in the same time frame in 2015. The chart below shows the number of homes sold in October and November in Coralville. The fall market is busier than it looks. The reason there is no increase Home sales in the last couple of months is that Coralville is still woefully short on inventory. Especially in the lower price ranges.
Contract to Listing Ratio + Absorption Rate Coralville
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 2.0 months or 60 days on 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 are waiting to close. Currently 23% of the homes listed on the Iowa City MLS are under contract. Both of these pieces of data give us more insights on that low inventory in Coralville that I mentioned in the last paragraph.
Homes Sold in Coralville October and November 2016
Summary of Market Trends in Coralville
- Home Sales in Coralville are up 4% January – November 2016 compared to January – November 2015.
- The absorption rate is at a very low 2.0 months, that’s 60 days on market. The absorption rate looks at the market in general. It almost goes without saying that in any market the turnover rate for lower priced homes is quicker than for higher priced homes.
- There are currently just 62 homes in Coralville showing as Active Listings on the MLS and 19 homes are currently showing as Contingent or Sale Pending. That translates into a 23% contract to listing ratio. Of the 62 homes listed on the MLS, only 17 are priced under $200,000. It’s the lack of choices of homes to buy that’s making it harder for buyers to find the right house this fall.
- Average Price for homes in Coralville up – $249,554 Average price in 2016 compared to $228,781 in 2015
- Median Price for homes in Coralville up – $216,000 median price in 2016 compared to $199,575 in 2015
Regardless of market conditions, sellers will always benefit from the expertise of a good Real Estate Agent. The more you know and understand about the Coralville real estate market the better your chances are of a quick sale. Working on a strategy 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!
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 by the Iowa City MLS December 2, 2016