Real estate is local. I’m sure you’ve heard that before. I figure it’s worth repeating today. I switched on the TV this morning to doom and gloom in the real estate market. Nationally the number of existing home sales in July dropped. Not in Iowa City it didn’t. Or Coralville for that matter. The home sales for July are up in our area. I posted the real estate market reports for June and July for Iowa City last week. This week it’s Coralville’s turn. I’m going to start with July, since that’s the month that got the national media in a tail spin today. To be totally transparent in evaluating trends in our market, the numbers of homes sold in the Iowa City area for the first half of the year were down compared to last year. That had a lot to do with the home buyer tax credit that was available until June 30, 2010. July on the other hand definitely showed a strong improvement in home sales compared to last year.
37 homes sold in Coralville in July 2011, compared to 28 in July 2010. That’s an increase of 32%. Iowa City did even better and the number of homes sold almost doubled comparing 2011 to 2010. And just to make my point, the number of homes sold in North Liberty in July 2011 was up an impressive 54% too. All of my numbers are pulled from the Iowa City Area MLS and I checked them this morning just to be sure there were no significant changes since previous posts. (The MLS is dynamic by nature and relies on input by agents. The numbers can and do change on a daily basis, which is why I always put the date I pull the data at the bottom of my posts). Interestingly, when you look at the chart you will see that condos and zero lot sales are up in Coralville in July while the number of single family homes sold is down compared to last year. Prices are up too, a fair indicator that it’s not the first time home buyer driving the market.
The average price for a single family home in Coralville in July 2011 was $399,139 compared to $285,827 in July 2010. The average price for a condo in Coralville was $144,711 in July 2011 compared to $93,125 in July 2010.
The median price for a single family home in Coralville in July 2011 was $370,000 in July 2011 compared to $249,900 in July 2010. The median price for a condo in Coralville was $110,750 in July 2011 compared to $86,250 in July 2010.
As far as the days on market are concerned, according to data from the Iowa City Area MLS, homes in Coralville were on the market for a shorter period in July 2011 compared to July 2010. Single family homes spent an average of 81 days on market in July 2011 compared to 120 days in July 2010. Data for days on market is highly manipulated due to expired listings and re-listed properties so I’d suggest you talk to a Realtor about the actual absorption rate (aka days on market). MLS calculations are usually skewed low. Depending on the neighborhood you live in the average days on market could be higher.
Source for data: Iowa City Area MLS August 18, 2011