With September behind us it’s been a great month to take a look at the first three quarters of the year to figure out what’s going on in the real estate market in our area. Last week I looked at Iowa City. Today I’m looking at Coralville. I put together two graphs to show home sales and prices for both 2011 and 2010. And if you’re wondering why I didn’t put all the data in one graph, I tried that and it was nothing but confusing so I split it up into 2 again.
The biggest takeway from the data is that the median price of homes sold in Coralville has gone down quite significantly in the last few months. Just to clarify, the median price is when half the homes sold are below that number and the other half sold above it. The trend points to more lower priced homes selling in Coralville in the last couple of months. If you have a lower priced home you want to sell in Coralville, this is good news. It goes without saying, regardless of what is going on in the market, it’s always going to be good for someone!
As far as the trend for the year is concerned. 224 homes sold in Coralville between January and September 2011 compared to 263 last year in the same time period. That puts home sales down by 15%. At the end of June home sales were down by 33% compared to 2010. There’s definitely been good activity in the Coralville real estate market in the 3rd quarter. Let’s hope it keeps up through the end of the year. I’d like to keep the good news coming.
Source for data: Iowa City MLS October 25, 2011