It’s not easy for buyers in Coralville with the inventory of homes on the market so very low. Home sales reflect that this month and are down for the month in July. 57 Homes Sold in Coralville in July 2016 compared to 66 homes sold in July 2015. This number is preliminary and likely to change next week when more agents enter their sold listings from the last couple of days of July, but it seems a little unlikely that we’ll see an increase on last year’s number.
Homes Sold in Coralville July 31, 2016
Condo sales are up for the month while single family home sales are down in Coralville. The table above shows condos as the clear winners for the month. This is in contrast to Iowa City where home sales are down for July for all styles of homes.
Contract to Listing Ratio
Coralville July 31, 2016
By looking at the contract to listing ratio we can see that buyer activity is a little lower in Coralville right now. 43 homes are showing as contingent or pending, which translates into 35% of the homes currently listed on the MLS. That’s down quite a bit from the end of June when 49% of the homes listed were under contract and waiting to close. None of this changes the fact that the only explanation there can be for the shortfall this month is a lack of inventory. There’s a reason I can say this with such certainty too. This year has been a particularly busy year for me helping buyers and sellers in Coralville. My sellers were rewarded by quick offers. Buyers I’ve helped have needed to be patient while we wait for the “right” home to be listed. The early worm caught the worm in the spring market in Coralville and buyers were successful in part due to my diligence in staying on top of things for them and making sure they didn’t miss out on the hottest listings. (Finding the house is only one part of the equation though. Knowing how to guide buyers on making the right decisions in a multiple offer situation is equally important in a hot market. That happened more than once for clients this year in both Coralville and Iowa City).
Number of Homes Sold / Days on Market in Coralville
This month’s chart paints a very impressive picture of the time homes spent on the market in the busy selling time of the year in Coralville. A whopping 72% of homes sold in under 60 days on the market. Just 12 homes took more than 90 days to sell, which confirms the quick the turnover rate for homes in Coralville this month.
What’s the takeaway for buyers and sellers in Coralville from this market snapshot? The real estate market is not as active in Coralville as it was earlier in the year. Competition is not as strong for buyers with the peak buying season winding down. Nonetheless, the best homes will go fast in a market that is still VERY low on inventory, (especially in the lower price ranges) and buyers need to be on top of their game not to miss out.
A market low on inventory is good for sellers. Albeit, since the buyer pool is smaller at this time of the year as the spring and summer market wind down, sellers may need to be a little more patient and not expect an offer in days. That’s not unheard of in late summer or fall, but not nearly as common as in the spring time.
Whatever your goals are, hiring a good real estate agent will be your key to getting the best result in your real estate transaction. If you’re looking for the right Realtor to help you navigate the complexities of the Coralville real estate market, all the while looking out for you and your money, sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS July 31, 2016