The Spring real estate market is definitely in full swing in the Iowa City area. The last market report looked at home sales in North Liberty, today the focus is on home sales in Coralville in March and April this year.
April was a really good month for home sales in Coralville with 30 homes sold in April 2012 compared to 13 homes sold in April 2011. That high number more than makes up for the fact that home sales in March were pretty flat. The absorption rate in Coralville is at 7.5 months / 227 days on market. We still have a large inventory of homes on the market in Coralville. With increased buyer activity and lots of homes contingent or pending sale just waiting to close it can really only be a matter of time before the market “absorbs” more homes in Coralville with the effect that the number of days on market goes down.
| Average Price April 2012 | Average Price April 2011 | Median Price April 2012 | Median Price April 2011 | |
|---|---|---|---|---|
| Single Family | 277,385 | 222,286 | 242,199 | 235,500 |
| Condos | 131,111 | 92,667 | 92,000 | 94,000 |
| Zero Lots | 127,880 | 129,000 | 127,500 | 133,000 |
Home sales in Coralville in March were flat in March. 16 Homes sold in March 2012 compared to 17 in March 2011.
| Average Price March 2012 | Average Price March 2011 | Median Price March 2012 | Median Price March 2011 | |
|---|---|---|---|---|
| Single Family | 268,143 | 283,625 | 212,500 | 268.000 |
| Condos | 134,280 | 146,129 | 134,900 | 83,500 |
| Zero Lots | 166,700 | 127,500 | 163,450 | 127,500 |
The news is good this month for both home buyers and home sellers in Coralville. The steady progress in the real estate market in the last months has hit a high point in April with a big increase in the number of homes sold and homes contingent or pending sale.
Home buyers in Coralville continue to profit from great interest rates and low prices. Home sellers in Coralville on the other hand can be optimistic that if their house is in good shape, shows well and is priced right there’s a good chance it won’t be on the market for long! Two homes that I listed in Coralville and Iowa City in April both took less than a week to get accepted offers. That should give you an idea of just how busy the Iowa City and Coralville real estate market is right now!
Whether you’re buying or selling a home in Coralville I’d love to hear from you… When you’re ready to make your move give me a call at 319-400-0268.
Source for data: Iowa City MLS May 8, 2012
