After looking at North Liberty on Monday, it’s time to look at what’s up in the housing market in Coralville today. My market reports have been woefully lacking in the last few months due to time constrictions and I missed October. I’m going for two for one today again and catching up on both October and November.
November was a really good month for home sales in Coralville with 24 homes selling in November 2011 in comparison to just 9 last year. That’s a major 166% increase in home sales in Coralville. That definitely passes as a successful month!
| Average Price Nov 2011 | Average Price Nov 2010 | Median Price Nov 2011 | Median Price Nov 2010 | |
|---|---|---|---|---|
| Single Family | 243,441 | 310,081 | 179,700 | 250,000 |
| Condos | 159,333 | 308,900 | 118,000 | 308,900 |
| Zero Lots | 129,375 | 137,000 | 128,000 | 137,000 |
Surprisingly, and in stark contrast to November, home sales took a dip in October and 10 homes sold in October 2011 compared to 14 in 2010. I say surprisingly, because on the whole home sales in the greater Iowa City area have been a lot stronger in the second half of the year compared to the first half. Iowa City has seen consistent improvement since July with five straight months where the number of homes sold increased. Coralville and North Liberty aren’t quite as consistent, although the general trend is certainly positive.
| Average Price Oct 2011 | Average Price Oct 2010 | Median Price Oct 2011 | Median Price Oct 2010 | |
|---|---|---|---|---|
| Single Family | 217,450 | 328.764 | 186,750 | 283,000 |
| Condos | 152,475 | 155,857 | 142,450 | 117,500 |
| Zero Lots | 199,900 | none sold | 199,900 | none sold |
All in all home sales in Coralville continue to be strong. That’s the good news. The not so good news, (at least for sellers), is that there’s still a lot of pressure on prices. The Coralville real estate market is improving, as is the Iowa City area real estate market in general, but we’re not out of the woods yet!
Source for data: Iowa City MLS December 7, 2011
Housing Trends in Coralville 2nd & 3rd Quarter 2011
