Following up on last week’s snapshot today I’m taking a closer look at home sales and home prices in Coralville in January. 14 homes sold in Coralville in January 2013 compared to 7 in January 2012. The number of homes under contract is also on the rise. There are 13 single family homes, 8 condos and 2 zero lots currently either contingent or pending on the Iowa MLS – 23 homes in total.
The charts below show you exactly how the numbers break down The first chart compares home sales to the same period last year. The second chart shows the trend for the last three months. Looking at the bigger picture. The trend in the Coralville housing market is looking very good as we head towards spring. There have been strong home sales throughout the winter months and that is likely to improve even more in the spring market.
The lower home prices in Coralville in January shown in the table below are an indication that buyers are looking for lower priced homes.
The absorption rate (the time it takes for the market to “absorb” homes) is different depending on the style of home in Coralville. It also differs from neighborhood to neighborhood. For the purpose of this market report I’m looking at overall home sales in Coralville.
Single family homes – 5 months / 150 days on market
Condos – 4.5 months / 136 days on market
Zero Lots – 3.3 months / 100 days on market.
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. Sound advice and guidance are just a phone call or email away.
Data for this market report pulled from the Iowa City MLS February 7, 2013