The real estate market in Coralville and the greater Iowa City area is hot at the moment, yet surprisingly home sales were down in the 1st quarter in Coralville. 27 homes sold in Coralville January through March 2014 compared to 38 in the first three months of 2013. How can home sales be down when the market is hot you ask? I think one reason for the lower home sales is that sellers are slow getting their houses on the market this year, probably due to the never ending winter. The result of this is that the many buyers out there just don’t have enough options to choose from. Ultimately we have more buyers ready to buy homes than we do sellers ready to sell their homes and that is bound to impact home sales. That by the way applies to all the areas where I follow the market closely – Iowa City, Coralville and North Liberty.
Home Sales & Median Price Coralville
January – March 2014
As spring finally shows itself the buyer activity in Coralville is at a high right now and the number of homes contingent or sale pending are rising daily. Altogether there are 84 homes currently either contingent or pending on the Iowa MLS. (That includes 43 single family homes and 17 condos). That’s up from 57 contingent or pending in last month’s market update.
The absorption rate for single family homes in Coralville is 4.1 months, that’s an average of 125 days on market. The days on market varies a lot in the current busy market. Many houses and condos go under contract within days of going on the market. It’s certainly a market where buyers need to move fast as the best homes are snapped up quickly!
Do you have a house to sell in Coralville? Now is definitely the time to list it! We offer solid advice on how to get your home sold, combined with a top of the line Marketing Plan using the power of the Internet to seal the deal. This winning combo worked for our last three sellers who got offers on the same day their homes were listed!
Want to know what you’re home is worth in today’s market? A “common sense” approach to real estate means that when you call for a FREE Market Analysis you’ll get an honest and realistic assessment of your home’s value. It will be based on sound market data and include an analysis of current market conditions in the Coralville real estate market. Give me a call at 319-400-0268 or drop me an email. I promise it will be worth your while!
Data for this market report pulled from the Iowa City MLS April 23, 2014