Today is one of those days when I show you just how local real estate is. My last update of the Iowa City real estate market showed that home sales were down in Iowa City by 30% in October. 
In Coralville, home sales in October are up by 70%. Of course a lot more homes sell in Iowa City with 70,000 residents than in neighbors Coralville with 20,000 residents, so the 70% looks more than it is. The point remains the same - Real estate is local! Here's a first look at some of the key talking points.
Home sales in Coralville IA - October 1 through October 31, 2012
- 17 homes sold in Coralville in October 2012 compared to 10 in October 2011, that's 70% increase in home sales over last year. Home sales are up for the year by 23%
- Average price for single family homes in Coralville is up - $371,250 in October 2012 compared to $217,450 in October 2011
- Average price for condos in Coralville is up - $159,667 compared to $152,475 in October 2011
- According to the Iowa City Area MLS the average days on market for a single family home is 97 days. And for a condo it's 100 days on market. (The absorption rate is skewed low on the MLS - Using a calculation that doesn't skew the numbers I come up with 150 days on market for homes in Coralville)
- There are currently 330 homes showing as Active Listings on the MLS
- 10 homes are currently showing as Contingent or Sale Pending on the MLS
- 13 homes expired in October - Some may already be re-listed, but there's a good chance they've been taken off the market for the Holidays and won't be re-listed until the New Year
All in all very positive data for homes sold in Coralville in October. There is an up side to the low number of homes on the market in Coralville too. If you have a house to sell it means you have less competition! Many sellers take their homes off the market at this time of the year not realizing that they could be missing out on a great opportunity. Buyers who are looking at homes at this time of the year are serious buyers. The weather in Iowa is not conducive to looking at homes "for fun" in winter! (And don't forget those low interest rates). There are plenty of reasons to buy a home in Coralville right now!
If I've whet your appetite for market reports, just hop on over to my other website and you'll find detailed monthly market reports and market updates going back at least a couple of years.
Do you have a house to sell in Coralville? I'm a straight talking Realtor who knows the ins and outs of the Coralville IA real estate market and knows how to get your home sold. Give me a call today and let's talk. I promise you it will be worth your while!
Data pulled from the Iowa City MLS November 6, 2012
Originally posted @ Cardinal Realty Iowa City
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