March was an excellent month for home sales in Coralville. 25 homes sold in March 2015 compared to 7 in March 2014. When you look at the chart below you can see that home sales are up in a big way in March after slightly higher home sales in January and February. Altogether the 1st quarter of 2015 shows a very impressive start to the year with home sales up for the quarter by more than 92%!
The absorption rate and the contract to listing ratio both do a good job of confirming just how strong the Coralville real estate market is. The absorption rate shows the rate the market “absorbs” homes and with an average time on market of 3.4 months or 104 days the real estate market in Coralville is in good shape. That’s slightly higher than last month, but with the increase in the number of homes coming on the market for spring that’s hardly surprising. The number of homes under contract is also impressive with 44% of homes listed showing as contingent or pending on the Iowa City MLS. That number confirms that there are a lot of buyers out and about writing offers!
It seems almost redundant to say it, but I’ll say it anyway. As the weather warms up the busy market will get even busier offering more opportunities for sellers in what is already a sellers market.
Homes Sold in Coralville January – March 2015
Home Prices in Coralville January – March 2015
Highlights of This Month’s Market Report for Coralville
- Home Sales Up 92.6% in Coralville for the first quarter in 2015.
- The absorption rate is at 3.4 months, that’s 104 days on market – A little higher than last month, but still trending towards a sellers market
- There are currently 107 homes in Coralville showing as Active Listings on the MLS and 83 homes are currently showing as Contingent or Sale Pending – That’s 44% of the homes listed in Coralville under contract – There are a lot more homes on the market this month than last month and a big increase in homes under contract too. That is the best sign that buyers are very active in Coralville at the time of writing this market update.
Are you looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS April 14, 2015