After a strong start to the year and a weaker 3rd quarter, home sales held steady in Coralville in October. 16 homes sold in Coralville in October 2015 compared to 16 in October 2014. The overall trend for the Coralville real estate market is good with home sales up 5% for the year. As is typical for the Iowa City area, there were times in the spring and summer when buyers in Coralville had to jump on listings as soon as they came on the market or risk losing out. That’s not the case at the moment with more opportunities for buyers in the current market.
The absorption rate and the contract to listing ratio provide additional information on how the real estate market in Coralville is doing. The absorption rate shows the rate the market “absorbs” homes. The turnover rate of 3.2 months or 97 days on market is a sign that the Coralville real estate market is still trending towards a sellers market. Although as we get closer to the Holidays, it’s likely this number may be skewed due to sellers taking their homes off the market for the Holidays and relisting them in the New Year.
The contract to listing ratio provides information on how many buyers are currently out and about writing contracts. 27% of the homes currently listed on the Iowa City MLS are under contract and waiting to close. In the spring and summer months it’s typically between 40% to 50% – The lower contract to listing ratio is very typical for the fall and winter months.
Homes Sold in Coralville October 2015
Highlights of This Month’s Market Report for Coralville
- Home Sales are up January – October by 5%. 316 Homes sold in Coralville in January – October 2015 compared to 302 homes sold in the same time frame in 2014.
- The absorption rate is at 3.2 months, that’s 97 days on market
- There are currently 95 homes showing as Active Listings on the MLS and 35 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 27% contract to listing ratio – That means fewer buyers are out writing contracts on homes in Coralville than earlier in the year so sellers may need to factor in a longer time on market.
- Average Price for homes in Coralville up in October – $221,500 Average price in 2015 compared to $188,794 in 2014
- Median Price for homes in Coralville up in October – $194,200 median price in 2015 compared to $137,530 in 2014
Homes aren’t “flying off the shelves” as they were in the Spring and Summer months in Coralville. The inventory of homes on the market in Coralville is a little less than in the summer months, with fewer buyers out writing contracts. When the competition is higher from other houses on the market it’s more important than ever that sellers prepare their homes to stand out above the rest and price them in line with the market. A (good) real estate agent will be an asset and will help with that by providing good advice on preparing and pricing your home based on homes similar to yours in neighborhoods like yours. Every SOLD sign starts with a plan. And the planning starts before you put your house or condo on the market!
Are you looking for the right Realtor to help you navigate the complexities of the Coralville real estate market, all the while looking out for you and your money? Sound advice and guidance are just a phone call, text or email away! Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS November 11, 2015