23 Homes Sold in Coralville this month compared to just 7 homes sold in March 2014… And we’ve still got a day to go so that number could go up! I’d say that’s very convincing evidence that the Coralville real estate market is in great shape! Add to that the fact that the inventory of homes on the market is up AND the contract to listing ratio is also on the rise, it’s opportunities all around for both buyers and sellers in Coralville.
Market Snapshot Coralville March 30, 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 it’s very good to note that well over half of the homes sold did it less than 60 days. A shorter market time is always good and a sign of a real estate market with lots of buyer activity.
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. 32% of the homes in Coralville currently listed on the MLS are under contract. That is a good number of homes under contract, especially considering that the inventory of homes on the market is much higher than last month.
Contract to Listing Ratio Coralville March 30, 2015
The real estate market in Coralville is in great shape. There are more houses on the market than there have been in a while, which is good for buyers who haven’t had many choices through the winter months.
The good amount of buyer activity also means there are great opportunities for sellers in Coralville. Especially condo sellers. You don’t see it in the chart, but there are more condos currently under contract than single family homes. (19 single family homes and 24 condos). That’s not typical in the Iowa City area where condos took a big hit in the downturn. The strong condo sales is the best evidence that the market is well and truly back! If you’ve been sitting on the fence a while thinking about listing your home or condo in Coralville for sale, now is definitely the time to make your move!
Are you looking for the right Realtor to help you navigate the complexities of the Coralville 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 March 30, 2015