24 homes sold in Coralville in May 2011 compared to 40 in May 2010. After starting off the year with a bang, the last couple of months have shown a decline in home sales in Coralville. This is pretty much in line with economic sentiment as a whole, but is somewhat surprising to me as generally the real estate market in the greater Iowa City area is considered to be more stable. Low unemployment is one of the main factors that plays into that. Be that as it may, buyers are not out in great numbers this Spring in Coralville. We’ll just have to wait and see how things pan out in the next couple of months. June and July are the busiest months for closings in Coralville and contingent and pending sales are on the rise. By the end of the summer we’ll have a much clearer picture of how the housing market in Coralville is really doing.
The average price for a single family home in Coralville in May 2011 was $227,908 compared to $261,553 in May 2010. The average price for a condo in Coralville was $127,000 in May 2011 compared to $141,040 in May 2010.
The median price for a single family home in Coralville in May 2011 was $200,000 in May 2011 compared to $215,000 in May 2010. The median price for a condo in Coralville was $115,500 in May 2011 compared to $90,700 in May 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 longer in May 2011 compared to May 2010. Single family homes spent an average of 116 days on market in May 2011 compared to 99 days in May 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. This post about absorption rate explains a little more about what I mean with that.
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 June 21, 2011