Home Sales in Coralville were up in August by a very impressive 52%. According to data pulled from the Iowa City Area MLS this morning 38 homes sold in Coralville in August 2011 compared to 25 homes sold in August 2010. The biggest increase was with zero lots. Things are definitely picking up in the Iowa City area in the 3rd quarter with home sales in both Iowa City and North Liberty also up in August. Keep an eye open from my weekly reports in September. The way things are progressing I expect to share more positive information on housing trends in the Coralville real estate market in the coming weeks.
It’s not all sunshine and roses of course. We still have a lot of inventory to get through and this excess of homes on the market means there’s pressure on prices. We still have a buyer’s market with an absorption rate of 8.0 months, that’s an average of 243 days on market. (6 months absorption rate would be a balanced market).
The average price for a single family home in August 2011 was $285,315 compared to $321,012 in August 2010. The average price for condos in Coralville was $141,980 in August 2011 compared to $87, 750 in August 2010.
The median price for a single family home in Coralville in August 2011 was $239,000 compared to $310,000 in August 2010. For condos the median price was $94,000 in August 2011 compared to $86,000 in August 2010.
Are you looking for the right Realtor to help you navigate the complexities of the 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.
Source for data: Iowa City Area MLS September 6, 2011