October is almost over and it’s a good time to look at home sales in Coralville to see how the Fall market is shaping up. 13 Homes Sold so far in Coralville in October 2015 compared to 16 homes sold in October 2014. With just one business day of the month left, there’s a good chance that home sales in Coralville will match last year’s number of homes sold.
Market Snapshot Coralville October 29, 2015
Sellers are always interested to know how long it takes for their homes in Coralville to sell and buyers like to know too as a long market time may give buyers leverage in the negotiating process. This month’s chart shows that the Coralville real estate market is trending towards a longer market time with more homes taking longer than 60 days to sell.
The real estate market is seasonal. It’s not at all surprising to see a longer market time at this time of the year. A good number of homes took more than 90 days to sell this month. Buyers should be sure to do their due diligence before making an offer on a house or condo in Coralville. A long market time can mean opportunities for buyers. (A good real estate agent will be able to give you the information you need to make the right decision when that question comes up).
Number of Homes Sold / Days on Market in Coralville
Looking at the number of homes sold is a good indication of what buyers were doing 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. The more homes there are under contract, the more buyers there are out and about actively writing contracts that will result in closings in the next weeks and months. 24% of the homes in Coralville currently listed on the MLS are under contract.
The comments made in the last paragraph apply here too. Fewer buyers out and about means fewer contracts written. That doesn’t mean sellers shouldn’t list their houses at this time of the year, there are always buyers looking for the right home. It just means sellers need to have realistic expectations on how long their house or condo will take to sell if the right buyer doesn’t happen to be looking for a house when they list their home for sale. Homes don’t “fly off the shelves” in Fall the same way they do in Spring in the Coralville and Iowa City area real estate market.
Contract to Listing Ratio Coralville October 29, 2015
Whatever your goals are, hiring a good real estate agent will be your key to getting what you want out of your real estate transaction. If you’re looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money, sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS October 29, 2015