Just like Iowa City, it’s the number of homes under contract that stand out in this snapshot of the Coralville real estate market. (That in itself is somewhat surprising as they don’t usually move in tandem). 57 homes are currently contingent or pending on the Iowa City MLS. That number alone is not particularly enlightening. it’s when you look at the contract to listing ratio that you see how active the Coralville market is. According to today’s data Coralville has a 35% contract to listing ratio. In other words, 35% of the homes currently on the market have accepted offers. (57 homes under contract / 162 homes on the market). That’s, (surprisingly), slightly better than Iowa City at 34.2%
Also surprisingly, these good stats don’t translate into home sales this month in Coralville. 5 homes sold in Coralville so far in March, compared to 13 sold in the same time frame in March 2013. Fortunately there are a good number of homes under contract waiting to close we don’t need to spend too much time thinking about the lower number of home sales in Coralville.
105 Active Listings
57 Homes Pending or Contingent
5 homes sold in Coralville in March to date – 2 Single Family Homes, 3 Condos, (1 attached and 2 detached).
While the contract to listing ratio looks at the Coralville market in “real time,” the absorption rate is another tool to gauge market conditions and looks at past sales. Calculating the absorption rate is a great way to see how the market is trending. This month the absorption rate in Coralville is at 3.5 months, (106 days on market). That’s nice and low – 3 – 6 months is a good, balanced market. For sellers, closer to 3 months is better, once we’re in the 6 month range it’s better for buyers.
Check back for updates to see how the Coralville real estate market continues to do as we head towards the peak selling time of the year.
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell a home in Coralville? The data in my reports looks at the general market, it doesn’t looks at specific neighborhoods or price ranges. Both of which are major factors when it comes to personal buying or selling decisions. Give me a call at 319-400-0268 or drop me an email. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.
Data pulled from the Iowa City MLS March 22, 2014