The real estate market in Coralville is hot. So hot that I barely have time to keep up with my regular market reports! Today I want to do some catch up and share what’s been going on in the real estate market in Coralville in the last few months. So far home sales are up 25% for the year, and home prices in Coralville are up 7%. This is an excellent start to the 2017 real estate market in Coralville, at least for sellers. For buyers it’s more challenging, as they need to move fast before the best homes are snapped up!
Homes Sold in Coralville
January – April 2017
Both Home Sales and Home Prices are up for the 1st Quarter in Coralville. 76 Homes sold January – April 2017 compared to 61 in the same time frame in 2016. Home Prices are also up as the table below shows.
Home Prices in Coralville: Jan – April 2017
Contract to Listing Ratio + Absorption Rate Coralville
In addition to looking at home sales and home prices in the first quarter, the absorption rate and the contract to listing ratio both help to provide an even clearer picture of how the Coralville real estate market is trending. 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 2.3 months or 70 days. Anything under 6 months is trending towards a sellers market. At 2.3 months Coralville is well and truly a sellers 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 58% of the homes listed on the Iowa City MLS are under contract. It’s really early in the year to see such a large number of homes under contract and another excellent sign of just how hot the Coralville real estate market is.
Highlights for the Spring Market in Coralville
- Home Sales in Coralville are up 25% when we compare with last year. 76 homes sold January – April 2017 compared to 61 sold in the same time frame in 2016.
- The absorption rate is at 2.3 months, that’s 70 days on market and definitely a sellers market.
- There are currently a meagre 76 homes in Coralville showing as Active Listings on the MLS and a whopping 107 homes currently showing as Contingent or Sale Pending – That means 58% of the homes listed in Coralville are under contract – A pretty phenomenal number for so early in the year!
- Average Price for Single Family Homes in Coralville UP – $319,065 Average price in spring 2017 compared to $298,840 in 2016
- Average Price for Condos in Coralville UP – $199,976 Average price in spring 2017 compared to $169,013 in 2016
Even in a sellers market homes don’t sell themselves, sellers will always benefit from the expertise of a good Realtor who understands the Coralville real estate market. Knowing what to expect of the market for your specific home in your specific neighborhood is key to your success.
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 via the Iowa City MLS May 2, 2017