It’s good news all around today. Not only are home sales up in Iowa City again this month, they’re also up in Coralville. This is especially good news in Coralville as home sales took a bit of a dip in January. I figured it was a glitch, it’s good to see I was right.
11 homes sold in Coralville in February so far compared to 5 this time last year. 24 homes are listed as pending or contingent and 175 homes are currently showing as Active Listings on the Iowa City MLS.
As I said in my post earlier today, if you’re on the fence about selling your home, now would be a REALLY good time to list it! Spring is typically the best time to list your home anyway. This is the time of year when you will get the biggest number of buyers out looking for homes at the same time. Iowa City is a relocation destination and the next few months is when new Residents and Faculty for the UI Hospitals and University of Iowa start looking for accommodation this Fall. Both Coralville and North Liberty are popular options for folks relocating to the area. Add to that the renters that are looking to move into their own home around the time their lease expires in June or July and you have a whole lot of potential buyers for your newly listed home.
175 Active Listings
24 Homes Pending or Contingent
11 homes sold in Iowa City in February to date – 6 Single Family Homes, 4 Condos and one Zero lot
The Absorption Rate is at 7.7 months. That’s an average of 233 days on market. If you follow the link you’ll find out more about how the absorption rate is calculated.
The trend in the housing market in Coralville is once again moving in the right direction. With increased buyer activity in the next few months we should make more headway and move towards a more balanced market.
Data for this market update pulled from the Iowa City MLS February 20, 2012