Home sales in Coralville up 5% for the year and even with last year for October. 15 Homes Sold in Coralville in October 2016 compared to 16 homes sold in October 2015. This number is preliminary and may change in the coming days when more agents enter their sold listings into the MLS system.
Homes Sold in Coralville October 31, 2016
Single family home sales are up for the month, while condo sales are down in Coralville. The lower condo sales is no doubt due to the lack of inventory of condos on the market – Especially in the lower price ranges. Lower priced condos typically sell well at this time of the year with investors out looking for good rental properties. This year it’s slim pickings for investors in Coralville with just one condo currently listed under $100k.
Contract to Listing Ratio
Coralville October 31, 2016
The contract to listing ratio gives us insights on buyer activity by showing how many homes are under contract. 25 homes are showing as contingent or pending right now, which translates into 26% of the homes currently listed on the MLS. In the peak buying time of the year the contract to listing ratio is closer to 50%. 26% is about average for the fall months.
Number of Homes Sold / Days on Market in Coralville
The chart for days on market is an interesting one this month in Coralville. 53% of homes sold under 60 days in Coralville, but none under 30 days. The turnover rate for homes in Coralville is good with just 3 houses taking longer than 90 days to sell.
What’s the takeaway for buyers and sellers in Coralville from this market snapshot? The inventory of homes in the lower price ranges is extremely low in Coralville, which makes it harder for buyers on a budget. Buyers have many more choices in higher priced homes above $250k
A market low on inventory is good for sellers. Albeit, it’s important for sellers to find out how the market is for their specific type of home and their specific neighborhood. In real estate it’s not one size fits all, and that’s true for any market.
Whatever your goals are, hiring a good real estate agent will be your key to getting the best result in your buying or selling experience. 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 October 31, 2016