May was another great month for home sales in Coralville with 38 homes sold in May 2012 compared to 24 homes sold in May 2011. That’s a 58% increase in home sales and definitely a good sign that the Coralville real estate market is well on its way to recovery after a couple of dodgy years. Best of all, condo sales are on the rise, which is also great as there are A LOT of condos in the Iowa City, Coralville area. (And North Liberty for that matter).
The absorption rate is at 7.3 months, that’s an average of 221 days on market. The calculation for the absorption rate uses data taken from active listings AND the number of homes sold. There are currently 68 homes on the MLS marked as either contingent or pending. As more homes close the absorption rate will go down and houses in Coralville will spend less time on the market.
So what exactly does all this data mean to you as a home buyer or home seller in Coralville?
If you’ve got a house to sell in Coralville, there are more buyers out and about this year so your chances of selling your home in shorter time frame are better than they have been in the last few years. That said, with so many homes on the market sellers in Coralville do have a lot of competition and there is a lot of pressure on prices. The trick is to make sure your house is priced right and in great showing shape. The buyers are out there, you just need to make sure your home rises to the top and gets noticed!
If you’re thinking of buying a home in Coralville we still have something of a buyer’s market. There is still too much inventory on the market for that to change yet. At the same time, the Coralville real estate market is in a time of transition and well priced homes that show well are selling fast. If you see something you like, don’t think about it too long or you may miss out. There are more buyers out and about this year so it’s not just sellers that need to worry about competition. I’ve been in a couple of multiple offer situations this year, a definite sign that the “buyer’s market” is on its way out!
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Coralville? Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!
Data for the market report for May collected from the Iowa City MLS June 18, 2012