Buyers are out in force in Coralville and yet home sales are down in March so far. 12 Homes Sold in Coralville in March 2016 compared to 25 homes sold in March 2015. We’ve got a couple more days left for closings, but catching up to last year’s number of homes sold seems unlikely to say the least! There is plenty of buyer activity in Coralville with 43% of the homes currently listed on the MLS showing as contingent or sale pending – A sure sign there are lots of buyers out writing contracts. The only explanation there can be for the shortfall this month is a lack of inventory. What the Coralville real estate market needs right now is more houses and condos for those many buyers looking to buy homes this spring!
Homes Sold in Coralville March 28, 2016
Number of Homes Sold / Days on Market in Coralville
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 shorter market time with more than half the homes sold in March in Coralville taking less than 30 days to sell.
Contract to Listing Ratio
Coralville March 28, 2016
The contract to listing ratio is our best gauge for what the market is doing in real time. Looking at the number of homes sold is good to show past activity. What is going on in the market right now is a great way to see just how strong buyer activity is. 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. 43% of the homes in Coralville currently listed on the MLS are under contract. The high percentage of homes under contract is a sign of a strong market in Coralville, especially considering it’s only the end of March and early in the spring selling season.
Whatever your goals are, hiring a good real estate agent will be your key to getting the best result in your real estate transaction. If you’re 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 28, 2016