Too Few Homes on the Market for the Many Buyers
The real estate market in Coralville is more active than I remember in all the years I’ve been doing these market reports… And yet home sales are down for the year so far. How can that be you ask? The dilemma is a lack of houses and condos for the many buyers out and about in Coralville. There are currently just 83 homes listed for sale in Coralville on the Iowa City MLS. At the same time there are 135 homes either sale pending or contingent and waiting to close. That translates into a whopping 62% of the homes listed having accepted offers. Last year in May 54% of homes on the market were under contract and inventory was tight. It goes without saying that inventory is more than tight now – It’s at critically low levels!
Contract to Listing Ratio in Coralville May 10, 2016
Buyers have snapped up a big portion of the market as you can see in the pie chart above. (And this doesn’t even include homes sold in the last few weeks). Coralville really needs more sellers to list their homes for sale. Especially in the lower price ranges. Of the 84 homes listed, only 9 of them are priced under $200,000 and just 2 under $150,000. (This is looking at all styles: condos, zero lots and single family homes).
Homes Sold in Coralville January – April 2016
60 homes sold January – April 2016 compared to 70 in January 2015. Single family home sales are even with last year, it’s condo sales that are down 37%. This doesn’t change what I said in the previous paragraph. The shortage of inventory is in all styles of homes: Condos, zero lots and single family homes. With the greatest shortage in the lower price ranges, under $200,000.
Highlights of This Month’s Market Report for Coralville
- Home Sales down in Coralville ~ 60 homes sold January – April 2016 compared to 70 sold in the same time frame in 2015
- Average Price of Single Family Homes in Coralville down just slightly ~ $298,840 in 2016 compared to $303,945 in 2015
- Average Price of Condos in Coralville Up ~ $163,896 in 2016 compared to $152,652 in 2015
- The absorption rate is at a good 2.9 months, that’s 87 days on market
- There are currently 83 homes showing as Active Listings on the MLS and 135 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 62% contract to listing ratio
This month’s data paints a very clear picture. Coralville is trending heavily towards a sellers market with opportunities for sellers, especially in the lower price ranges. Buyers need to be quick off the mark and move fast when they see a home they like, as chances are it won’t be around for long!
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is what we’re known for. Working with the right real estate agent will be the key to you getting the best out of your home buying or home selling experience. Sound advice and guidance is what you can expect when you work with Denise at Cardinal Realty. Call, (or text) Denise now at 319-400-0268.
Data provided via the Iowa City MLS May 10, 2016