It’s the number of homes under contract in Coralville that are the highlight of this month’s market snapshot of the Coralville real estate market. 85 homes are currently showings as contingent or pending on the Iowa City Area MLS. As you can see from the chart below, the homes under contract make up a good portion of the pie! In fact, 40% of the homes listed have accepted offers, (and those are the listings where agents have reported the status changes, there are likely to be some homes that don’t show up yet). Looking at the number of homes under contract in the current market in Coralville is good way to determine just how active the market is in “real time” – And even if the 40% doesn’t mean a lot to you, you only have to look at the chart to see that it’s a good slice of the pie that’s taken by homes under contract – A sure sign that there are plenty of buyers out and about in Coralville!
Once again it’s a surprise to see these good stats may not translate into home sales this month in Coralville. 15 homes sold in Coralville so far in April, compared to 22 sold in April 2013. With just 2 days left this month, it seems unlikely we’ll reach the 22 sold last year, although with closings often scheduled for the last day of the month there’s a chance that we can still reach that number – In two days we’ll know one way or the other!
125 Active Listings
85 Homes Pending or Contingent
15 homes sold in Coralville in April to date – 7 Single Family Homes, 4 Condos, 4 Zero Lots
While the contract to listing ratio looks at the Coralville market in “real time,” the absorption rate is another tool to gauge market conditions and looks at past sales. Calculating the absorption rate is a great way to see how the market is trending. This month the absorption rate in Coralville is at 4.2 months, (126 days on market). That’s in line with Iowa City and a little higher than North Liberty where homes are selling faster. 3 – 6 months is a good, balanced market. For sellers, closer to 3 months is better, once we’re in the 6 month range it’s better for buyers.
Check back for updates to see how the Coralville real estate market continues to do as the peak selling time of the year unfolds.
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell a home in Coralville? The data in my reports looks at the general market, it doesn’t looks at specific neighborhoods or price ranges. Both of which are major factors when it comes to personal buying or selling decisions. Give me a call at 319-400-0268 or drop me an email. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.
Data pulled from the Iowa City MLS April 28, 2014