18 homes sold in Coralville in February 2012 compared to 8 homes sold in February 2011. That’s a pretty impressive increase in home sales for Coralville.
The absorption rate is at 8.4 months, that’s an average of 254 days on market. (6 months absorption rate is a balanced market). Unsurprisingly that is up from last month. The number of active listings factors into how the absorption rate is calculated and with so many homes coming on the market as we head towards spring it makes total sense that the absorption rate is higher. That will change again once the prime selling season kicks in and the trend goes the other way with more homes selling than are being listed.
When you look at the table below you’ll see that single family home and zero lot sales are up significantly compared to last year. Single family home and condo prices are also holding strong, while zero lot prices have taken quite a hit since last year.
The most interesting fact for me when I look at the data for February home sales in Coralville is to see that higher priced homes and condo sales are on the rise. That’s a good thing as we have a lot of inventory of high end homes on the market in Coralville. It’s also a good sign that buyers feel more confident and ready to invest in higher priced homes again.
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. And that just happens to be spring and early summer.
If you’re thinking of buying a home in Coralville, we still have a buyers market and there are great opportunities for buyers. Add to that the insanely low interest rates right now and you can buy yourself a lot more house for less these days. Yes, lower interest rates equals lower monthly payments and you can afford more house than in the past!
Whether you are buying or selling a house in Coralville I’d love the opportunity to talk with you and discuss your options. You can either call 319-400-0268 or drop me an email. I keep on top of the Coralville and Iowa City real estate market and am all about sharing information – I look forward to hearing from you!
Data for the market report for February collected from the Iowa City MLS March 8, 2012