Coralville Real Estate Market Report September 2009 including home sales for the 3rd quarter.
This month I thought I'd change the format of my monthly reports and do one for each of my areas. This one is for Coralville. And here are links to market reports for Iowa City and North Liberty.
I'll start with a year to year comparison for the month of September. 12 homes sold in Coralville in September 2009 in comparison to 19 in September 2008. Real estate is cyclical according to the season, so it's always better to compare to the previous year, rather than to the previous month.
The median price was $156,250 compared to $190,000 in September 2008.
The average days on market were 98 in 2009 compared to 99 days on market in September 2008.
Coralville is adjacent to Iowa City and offers a real easy 10 minute commute to the UI Hospitals, the University of Iowa and downtown Iowa City. Despite the great location, first time buyers looking for deals are having an impact on the market and I think it's safe to say home sales in Coralville are affected by the competition of reasonably priced new construction in North Liberty.
Now since September marked the end of the 3rd quarter it makes sense to look at the numbers from July - September 2009 compared to the same time frame in 2008 too.
First of all, there were 101 homes sold in Coralville in the July - September quarter in 2009 in comparison to 122 in the same time frame in 2008. That's a decrease of 18%.
The median price for a home in Coralville in this same time frame is down by 4% to $174,000, compared to $181,250 in 2008.
The average days on market were101 in 2009 compared to 104 days on market in September 2008.
After seeing these declines in both home sales and median home prices for Coralville I decided to check the Iowa City MLS to see how the numbers broke down comparing lower priced homes to higher priced homes. Looking at homes sold from January to September 2009 homes priced under $160,000 did not fair too well and are down by 14%. Homes sold above $160,000 on the other hand are up by 1%. Interesting, don't you think? It seems I do know my market, because it's pretty much in line with what I was thinking. It also supports my earlier comments that competition in North Liberty with reasonably priced new construction homes is affecting the Coralville real estate market when it comes to the first time buyer.
Always one to look on the bright side, Coralville is holding its own when it comes to higher priced homes. Looking at the bigger picture and judging by the fact that home sales for those higher priced homes are up 1% for the year to date, I'd say that at least around here it's not only the first time home buyer who is buying homes.
If you're relocating to the Iowa City area you might want to take a look at Coralville. It's great location sandwiched between Iowa City and North Liberty means you're truly connected and have everything you need right on your doorstep.
Iowa City is a relocation destination and we have many excellent options for folks relocating to the area in Coralville, Iowa City, North Liberty, Tiffin and surrounding areas in Johnson County. If you'd like some help figuring out the best location with the best options for you, please contact me either by email or at 319-400-0268.
Source for data provided: Iowa City Area MLS October 3, 2009