Home Sales in Coralville were up in August by a very impressive 52%. According to data pulled from the Iowa City Area MLS this morning 38 homes sold in Coralville in August 2011 compared to 25 homes sold in August 2010. The biggest increase was with zero lots. Things are definitely picking up in the area in the 3rd quarter with home sales in both Iowa City and Coralville up in July and August. Keep an eye open from my weekly reports in September. The way things are progressing I expect to share more positive information on housing trends in the Coralville real estate market in the coming weeks.
It's not all sunshine and roses of course. We still have a lot of inventory to get through and this excess of homes on the market means there's pressure on prices. We still have a buyer's market with an absorption rate of 8.0 months, that's an average of 243 days on market. (6 months absorption rate would be a balanced market). I'll continue to watch 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 August 2011 was $285,315 compared to $321,012 in August 2010. The average price for condos in Coralville was $141,980 in August 2011 compared to $87, 750 in August 2010.
The median price for a single family home in Coralville in August 2011 was $239,000 compared to $310,000 in August 2010. For condos the median price was $94,000 in August 2011 compared to $86,000 in August 2010.
Source for data: Iowa City Area MLS September 6, 2011
Originally posted @ichomesforsale.com