Home Sales in Coralville in January are down compared with last year, while home prices are up. 13 homes sold in January 2016 compared to 16 in January 2015. With just 96 active listings on the MLS, the low inventory of homes on the market is a contributing factor to the lower home sales in Coralville in January. Particularly in the lower price ranges there aren’t too many choices for buyers. Every market is good for someone and a market low on inventory provides opportunities for sellers. If you’ve got a house to sell, now is a very good time to talk to an agent about what you need to do to get your home listed and sold in Coralville this spring.
Homes Sold in Coralville January 2016
The chart above shows condo sales up in January, while single family home sales were down. Lower priced condos are often snapped up quickly in Coralville in the winter months from investors looking for good rentals.
Contract to Listing Ratio in Coralville
The contract to listing ratio and the absorption rate both show a positive trend in the Coralville real estate market as we get poised for the spring market. The absorption rate shows the rate the market “absorbs” homes. An average of 3.2 months, that translates into 98 days on market. This is a little longer than last year, but still trending towards a sellers market. The contract to listing ratio is also showing a positive trend for so early in the year. 29% of the homes in Coralville currently listed on the MLS are under contract and that shows that despite the lack of inventory in some home styles and price points, buyer activity is steady in Coralville.
Highlights of This Month’s Market Report for Coralville
- Home Sales down in Coralville ~ 13 homes sold in January 2015 compared to 16 sold in the same time frame in 2015
- Average Price of Single Family Homes in Coralville Up ~ $315,383 January 2016 compared to $303,850 in 2015
- Average Price of Condos in Coralville Up ~ $166,500 in January 2016 compared to $155,000 in 2015
- The absorption rate is at a good 3.2 months, that’s 98 days on market
- There are currently 96 homes showing as Active Listings on the MLS and 39 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 29% contract to listing ratio
What does this data mean to you? Coralville is trending towards a sellers market with opportunities for sellers, especially in the lower price ranges.
In a market short on inventory, the savvy home buyer’s best ally is a good real estate agent. In the spring market it’s not unusual for homes to go under contract before buyers get to see them on Zillow! Working with the right agent will ensure that you have eyes and ears on the ground and won’t miss out when the perfect home for you comes on the market. I’ve helped multiple buyers find homes fresh on the market before they got snapped up by other buyers. If you don’t want to miss out on houses or condos in Coralville, working with an agent who is diligent about keeping an eye on the market for you is your first step to success!
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is what we’re known for. Buying or selling real estate can be a fun and productive journey, or the exact opposite. Working with the right real estate agent will go a long way to deciding what kind of home buying or home selling experience you have. 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 February 25, 2016