Homes Sold in Coralville IA July 2011 Compared to July 2010

By
Real Estate Broker/Owner with Cardinal Realty ~ 319-400-0268

Real estate is local. I'm sure you've heard that before. I figure it's worth repeating today. I switched on the TV this morning to doom and gloom in the real estate market. Nationally the number of existing home sales in July dropped. Not in Iowa City it didn't. Or Coralville for that matter. The home sales for July are up in our area. Of course there's no better way to illustrate that than to furnish you with one of my famous market reports. I posted the real estate market reports for June and July for Iowa City last week. This week it's Coralville's turn. I'm going to start with July, since that's the month that got the national media in a tail spin today. To be totally transparent in evaluating trends in our market, the numbers of homes sold in the Iowa City area for the first half of the year were down compared to last year. That had a lot to do with the home buyer tax credit that was available until June 30, 2010. July on the other hand definitely showed a strong improvement in home sales compared to last year.

Homes sold in Coralville July 2011 compared to July 2010


37 homes sold in Coralville in July 2011, compared to 28 in July 2010. That's an increase of 32%. Iowa City did even better and the number of homes sold almost doubled comparing 2011 to 2010. And just to make my point, the number of homes sold in North Liberty in July 2011 was up an impressive 54% too.  All of my numbers are pulled from the Iowa City Area MLS and I checked them this morning just to be sure there were no significant changes since previous posts. (The MLS is dynamic by nature and relies on input by agents. The numbers can and do change on a daily basis, which is why I always put the date I pull the data at the bottom of my posts). Interestingly, when you look at the chart  you will see that condos and zero lot sales are up in Coralville in July while the number of single family homes sold is down compared to last year. Prices are up too, a fair indicator that it's not the first time home buyer driving the market.

Average Price Homes Sold in Coralville July 2011


The average price for a single family home in Coralville in July 2011 was $399,139 compared to $285,827 in July 2010. The average price for a condo in Coralville was $144,711 in July 2011 compared to $93,125 in July 2010.

Median price homes sold in Coralville IA July 2011


The median price for a single family home in Coralville in July 2011 was $370,000 in July 2011 compared to $249,900 in July 2010. The median price for a condo in Coralville was $110,750 in July 2011 compared to $86,250 in July 2010.
As far as the days on market are concerned, according to data from the Iowa City Area MLS, homes in Coralville were on the market for a shorter period in July 2011 compared to July 2010. Single family homes spent an average of 81 days on market in July 2011 compared to 120 days in July 2010. Data for days on market is highly manipulated due to expired listings and re-listed properties so I'd suggest you talk to a Realtor about the actual absorption rate (aka days on market). MLS calculations are usually skewed low. Depending on the neighborhood you live in the average days on market could be higher. This post about absorption rate explains a little more about what I mean with that.


Source for data: Iowa City Area MLS August 18, 2011

 

Coralville IA Real Estate Market Report May 2011

Coralville IA Real Estate Market Report April 2011

Coralville IA Real Estate Market Report March 2011

Coralville IA Real Estate Market Report February 2011

Coralville IA Real Estate Market Report January 2011

 

Originally posted @ ichomesforsale.com

Posted by

Denise Hamlin, Realtor®

Broker/Owner

CARDINAL Realty, Coralville IA 

Licensed to Sell Real Estate in the State of Iowa

 

Helping Happy Clients Make Smart Choices 

Iowa City Area Real Estate Services

 

Please remember that opinions expressed in my blog are just that - opinions - not fact
For legal or accounting advice please consult with a professional
Although the information provided is deemed reliable, it's not guaranteed

 

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Rainmaker
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Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Hello Denise-I love all the details. YOU are like me VERY detail oriented. These are wonderful graphs and it is wonderful that your area is on the increase. Hope you are doing well my friend. Have a great Friday and weekend.

Aug 18, 2011 01:12 PM #1
Rainmaker
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Denise Hamlin, Broker/Owner
Cardinal Realty ~ 319-400-0268 - Iowa City, IA
Helping Happy Clients Make Smart Choices

Thank you Sharon. So nice of you to stop by. Thanks for the compliment. Yes, I guess detail oriented is a correct assessment - To the point of being a bit irritating.:)

You have a great Friday too!

Aug 18, 2011 02:53 PM #2
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Rainmaker
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Denise Hamlin, Broker/Owner

Helping Happy Clients Make Smart Choices
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