It’s been a while since my last update and I figure it’s high time I put together a market update to give you an idea of what’s going on in Coralville in the spring market. (Yes it is spring, at least according to the calendar – And the number of buyers out and about!)
13 homes sold so far this month in Coralville compared to 16 sold in all of March last year. That number is looking good, what’s even better is the number of homes contingent or sale pending. 58 homes are showing as Contingent or Sale Pending on the Iowa City MLS. That’s more homes under contract than we usually see in March and shows that more buyers are out and about making offers.
The absorption rate is at 6 months, that’s an average of 182 days on market. The absorption rate is calculated by looking at both the number of homes sold and active listings. As more sellers list their homes for sale in Coralville the number of active listings goes up and with it the absorption rate. In this busy spring market it’s likely that the market will “absorb” homes quicker and the absorption rate will go down during the spring and summer months.
165 Active Listings
58 Homes Pending or Contingent
13 homes sold in Coralville in March to date – 11 Single Family Homes, 1 Condo, 1 Zero Lot
What do these numbers mean to you if you’re buying or selling a home in the Coralville? With more buyers out and about it’s not the time to think too long before making an offer on a house – The good homes get snapped up fast!
This big increase in buyer activity is great news for sellers. If you’ve got a house in Coralville to sell now is definitely the time to get it on the market! (This applies to North Liberty and Iowa City too where the buyer activity is even stronger).
If you want to stay on top of what’s going on in the Coralville real estate market you should bookmark the site and check back for updates. It looks like we’re in for a very good year in all of the primary areas I cover – Coralville, North Liberty and Iowa City. I have been watching the real estate market and writing these market updates for a few years now, they don’t always move in tandem. It’s worthwhile checking back to see what happens as the year progresses.
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell your home in Coralville? Give me a call at 319-400-0268 or drop me an email ~ Sound advice and guidance are a phone call or email away!