Coralville Real Estate Market Report October 2009
Just posted my monthly update for the Iowa City real estate market. Now it's time to take a first look at the Coralville real estate market... And believe it or not a couple of hours later I also have a link for the real estate market report for North Liberty... Busy girl today as you can see!
The number of homes sold in October in Coralville are at this point absolutely even - 17 homes sold in Coralville in both October 2009 and October 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 of homes sold in October was $200,000, also up from last year and homes spent less time on the market than last year too with an average of 91 days on market.
Check out my market report for September and you'll see that last month we were trending downwards - This month we're trending upwards. In my real estate market update for Iowa City it was exactly the other way round... I'm going to repeat myself here and say it's a funny market we're in right now! I also looked at home sales trends for the year to date for Coralville. Home sales are down by 8% compared to the same time frame in 2008. Prices are down by 4%.
We still have a pretty flat market in both Coralville and Iowa City. It will be interesting to see how the winter months shape up. We might see more action if the government passes new legislation soon that expands the current tax incentive to move-up buyers who have lived in their homes for five years or more. It's on the cards right now and would be a big help. Coralville hasn't profited too much from the first time home buyer credit with stiff competition from both Iowa City and North Liberty for starter homes and might benefit more from an expanded credit. We'll see...Watch this space - I'll keep you informed of any developments.
Source: Iowa City Area MLS. These are preliminary numbers and might fluctuate a bit during the course of the week as more data is entered into the Iowa City MLS. If that happens I'll update this post accordingly.