Yesterday I looked at residential sales and the average price of homes sold in Iowa City in 2010 compared to 2009. Today I’m looking at Coralville.
295 homes sold in Coralville IA from January to December 2010 compared to 303 homes sold in the same time frame in 2009. In Iowa City it was single family homes that took a hit. In Coralville it’s Zero Lots. The rest of the market is pretty stable. In fact I’m feeling kind of confident that we’re in for a good year this year. We’re less than a week into the year and I’ve already had a number of people contact me who are planning to move this spring. The economy is improving, interest rates are still low and there are great deals to be had on homes. Why wouldn’t buyers start feeling more confident and ready to take advantage of this great set of circumstances? It had to happen sometime. Why not now?
My next chart shows how the average price is trending in Coralville. The average price of single family homes is up while condos and zero lot prices are down. I’ve lived in Coralville for 10 years and was watching the market here even before becoming a Realtor. (I got my license 5 years ago). Coralville has grown immensely since then and it’s those newer upscale homes that are so popular here now. The average prices in my graph reflect that. Lower priced condos and zero lots, (or single family homes for that matter), don’t do as well, mainly I think due to stiff competition price wise from North Liberty and Iowa City. That’s an opinion though, a different Realtor might have a different take. That’s the thing about real estate agents. Just like with economists, when you ask 3 different people you’ll get 3 different opinions!
Source for data: Iowa City area MLS January 5, 2011