The monthly snapshot of the Coralville real estate market “takes the temperature” of the market and shows us whether the market is hot, humming along nicely or whether there are any signs of a slowdown. The market is hopping in Coralville in September with the number of homes sold up 73% compared to September 2013. 33 Homes Sold so far in Coralville this month compared to 19 homes sold in September 2013. Twice as many condos sold in Coralville this September compared to September 2013. Single family home sales are also up. Zero Lot sales are even with last year.
Looking at home sales tells us what’s been going on in the market in the last couple of months. To get a feel for what’s going on in “real time” it’s a good idea to look at the contract to listing ratio. If we look at how many homes are under contract compared to how many homes are active listings waiting for the right buyer, then we can gauge how active the market is. The more homes there are under contract, the more buyers there are out and about actively writing contracts. 27% of the homes in Coralville listed on the MLS are under contract. That’s higher than Iowa City at 18%. It almost seems redundant to say it, but we need more sellers to put their homes on the market in Coralville. Right now buyers don’t have a lot of choices. 89 active listings is the lowest number I’ve seen for active listings. (To put that in perspective, in my market snapshot at the end of September 2013 there were 120 homes on the market in Coralville).
I know sellers are always interested in knowing how long a house will take to sell and I’m sure even though the Coralville market is very active this month that there are sellers sitting on the sidelines wondering when their homes will sell. Rather than provide you with a generic number about average days on market, this month I’ve created a chart that shows how many homes sold under 30 days and looking at the other end of the spectrum, how many homes in Coralville took more than 90 days to sell. This won’t tell you how long it takes for a specific home to sell in Coralville, but I think it might help with expectations as I have both buyers and sellers asking me what’s wrong with a house after it’s been on the market for a while. There doesn’t have to be anything wrong with a house for it to take a little longer to sell. Although if you are sitting on a house that’s not selling in Coralville, it’s always good to reevaluate the situation every 30 days, just to make sure you’re still positioned where you need to be to get an offer. (Just an FYI, listings are removed from the public view of the Iowa City MLS when they are Sale Pending. The numbers below reflect when houses were marked as sale pending and not when they sold).
Fall is here and before we know it, it will be the end of the year. You might want to check back next month to find out where the Coralville real estate market is headed. Or you can make it easy on yourself and sign up and get Market Updates Via Email.
Do you have a house to sell in Coralville? I’m a straight talking Realtor who knows the ins and outs of the Coralville real estate market and knows how to get your home sold. Homes don’t sell themselves – A good agent will be what makes the difference between a home selling quickly and it languishing on the market.
Looking to buy a home in Coralville? At Cardinal Realty we represent both buyers and sellers, (just preferably not in the same transaction). Whether you’re buying or selling a home the agent you work with WILL make a difference. (You might even be surprised just how much!) Work with an agent committed to putting in the time and effort needed to make yours a smooth and easy move.
Call Denise at 319-400-0268 for help selling your home or buying your next home in Coralville.
Data provided via the Iowa City MLS September 29, 2014