8 homes sold in Coralville IA in February 2011 compared to 11 in February 2010. In January the year over year numbers were up. In February they’re down. I guess we need to wait for this month’s numbers to figure out whether the Coralville housing market is trending up or down. I’ll be watching how the housing market shapes up in Coralville and the greater Iowa City area as we head into the Spring market.
The average price for a single family home in Coralville in February 2011 was $193,100. That’s down from last year, but is misleading as two high end homes sold in February 2010 that skewed the average. The average price for condos was $213,500 in February 2011. 5 of the homes sold in February sold at less than 90% of the list price. A strong indication that buyers are still putting a lot of pressure on prices.
Interest rates dropped below 5% again this week. Plus local banks offer a 10 yr ARM at around 4%. Interest rates that low coupled with great prices on homes means there continue to be opportunities for buyers in Coralville and the greater Iowa City area.
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Source for data: Iowa City Area MLS March 18, 2011