17 homes sold in Coralville in March 2011 compared to 16 in March 2010. There are 50 homes listed as pending or contingent. Pending or contingent means homes that have accepted offers and may still have contingencies on them to fulfill before they close. 299 homes in Coralville are currently showing as active listings on the Iowa City MLS.
Spring is getting off to a great start with lots of activity in the Coralville real estate market at the moment. With all this activity it seems like a good time to look at the absorption rate to see how long homes are taking to sell in Coralville. Despite lots of activity the trend is still favored towards buyers with an absorption rate of 10.6 months, that's an average of 322 days on market. (For this post I didn't use the days on market calculated by the MLS. Those numbers tend to be skewed low. This is more accurate). We still have a lot of homes on the market in Coralville so we're going to need some time to turn over that inventory and make the transition to a more balanced market. I'll be watching to see how the housing market shapes up in Coralville in the coming months so check back for updates, or better yet Subscribe to my blog for email updates.
The average price for a single family home in Coralville in March 2011 was $283,625 compared to $273,206 in 2010. The average price for condos in Coralville was $146,129 in March 2011 compared to $158,850 in March 2010.
Source for data: Iowa City Area MLS April 14, 2011
Coralville IA Real Estate Market Report February 2011
Coralville IA Real Estate Market Report January 2011
Originally posted @ ichomesforsale.com