This morning I decided a quick look at what’s going on in the Coralville real estate market would be a good idea. 2011 has been a bit volatile up to now and with the spring market in full swing is a good time to “take the pulse” of how the market is trending. 15 homes sold in May to date. There are 51 homes Sale Pending or Contingent. (Sale Pending or Contingent means they have accepted offers that may still have contingencies on them to fulfill before closing). Currently 241 homes in Coralville are showing as Active Listings.
The Absorption Rate is at 8.1 months, that’s an average of 247 days on market. That’s slightly better than Iowa City where the absorption rate is currently at 8.7 months. The number of homes sold and pending is on the rise and June and July are the biggest months for closings in Coralville. Things are looking good to see bigger changes in the absorption rate in the next couple of months.
241 Active Listings
51 Homes Pending or Contingent
15 Homes Sold in Iowa City in May to date – 9 Single Family Homes, 4 Condos and 2 Zero Lots.
10 of the homes sold this month were priced below $200,000. 5 priced higher than $200,000.
The lowest price home sold was a condo at $115,500.
The highest priced home sold was a single family home at $325,000.
These numbers are down from last year when 22 homes had sold by May 18, 2010. (Keep in mind the first time home buyer tax credit skewed the numbers last year).
Source for data: Iowa City Area MLS May 18, 2011