7 homes sold in Coralville in January 2012 compared to 15 homes sold in January 2011. If that seems like a bit of a drastic drop, only 3 sold in January 2010, which kind of puts things more in perspective. In fact I went back a few years and the low single digits is more typical for the last few years, making 7 seem more “normal” for the time of year than the high 15 homes sold last year.
The absorption rate is at 7.2 months, that’s an average of 217 days on market. (6 months absorption rate is a balanced market). Coralville is not doing as well as Iowa City where home sales are up for the 7th straight month and the absorption rate down to a low 4.8 months. If you check out the annual report for home sales in Coralville for 2011 you’ll see that in general the trend is positive with a glitch every now and then. It’s likely that this month is one of those glitches.
As we head towards spring and the peak buying time of the year, I wouldn’t be surprised to see the numbers of homes sold in Coralville up again in the coming months. Especially when you consider Coralville benefits from its close proximity to Iowa City and is popular with buyers relocating to the Iowa City area for the UIOWA and UI Hospitals. With incoming Residents and Students thinking about accommodation for the Fall semester right around the corner, these are buyers that will have a big impact on home sales in Coralville in the coming months.
So what’s the takeaway this month? Too few homes sold in January in Coralville to really make anything of the data. The single family homes that sold were lower priced homes, while the condos that sold were priced on the higher end. That right there is a strange phenomena for Coralville. We’re just going to have to wait and see what the spring market brings.
One thing’s for sure. If you’ve got a house to sell, now is the time to get it on the market. You want to have your house on the market at a time when there are the most buyers out there to see it. If not as many homes are selling in Coralville at the moment, you want to have the advantage of having yours on the market when there are the most eyes on it. And that just happens to be spring and early summer.
Data for the market report for January collected from the Iowa City MLS February 9, 2012