39 homes sold in Coralville in August 2012 compared to 39 in August 2011. This is one of those times you realize why they say real estate is local. Coralville home sales are even with last year, while home sales are up by 30% in Iowa City and 67% in North Liberty. These are towns that flow into one another and yet they are very different markets.
When you look at the chart you’ll see that it’s single family homes that are popular with buyers in Coralville at the moment. Zero Lot sales which have been doing great this year in Coralville are down in August.
The absorption rate is down just slightly at 5.8 months, that’s an average of 178 days on market. The fact that the absorption rate is consistently going down every month is a measure of the continuing strength in the Coralville IA real estate market.
Altogether the trend in the housing market in Coralville is looking good. The data bounces around a bit, but bottom line is that Home Sales in Coralville from January through August are up by 23%. Home prices are also trending in the right direction in Coralville with the average price for the year up 5% compared to the same 8 months last year. The median price is up by 15% compared to last year. Add to that the fact that the inventory of homes on the market in Coralville is down and you’ll see that ALL the leading market indicators are moving in the right direction.
As we head towards Fall the Coralville IA real estate market is in very good shape. Check back for updates to see if this trend in the Coralville housing market continues through the winter months.
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in Coralville? Give me a call at 319-400-0268 or drop me an email. Sound advice and guidance is just a phone call or email away!
Data for the market report for August collected from the Iowa City MLS September 6, 2012