199 Active Listings
8 Homes Under Contract
0 Homes Sold week ending November 27, 2010
This is a snapshot of the Coralville IA real estate market November 29, 2010. Thanksgiving week 3 homes sold in Iowa City and that was it, none sold in either Coralville or North Liberty.
The absorption rate for Coralville is 8.0 months - That's the time it takes for the market to "absorb" homes.
The first step in calculating the absorption rate is to find out how many homes sold in the past 12 months and how many are currently on the market. 300 homes sold in the last 12 months in Coralville and there are currently 199 showing as active listings.
300/199 = 1.5 - That means the inventory of homes in Coralville turned 1.5 times in the last 12 months.
Now we take the 12 months and divide it by 1.5 to come up with the absorption rate.
12/1.5 = 8.0 months = 243 days on market
What the absorption rate tells us that based on the current inventory the average time it takes a home to sell in Coralville is 8.0 months. Real estate is seasonal and this is historically a quiet time for selling homes so we may not see an increase in activity until after January 1. Don't let that put you off listing your home though if you're thinking about it. There may be fewer buyers out and about, but if they are out looking now they are serious. No tire kickers out there at this time of the year! They will be buying a home, the only question is, will it be yours?
Originally posted @ ichomesforsale.com