18 homes sold in Coralville in February 2012 compared to 8 homes sold in February 2011. That's a pretty impressive increase in home sales for Coralville.
The absorption rate is at 8.4 months, that's an average of 254 days on market. (6 months absorption rate is a balanced market). Unsurprisingly that is up from last month. The number of active listings factors into how the absorption rate is calculated and with so many homes coming on the market as we head towards spring it makes total sense that the absorption rate is higher. That will change again once the prime selling season kicks in and the trend goes the other way with more homes selling than are being listed.
If you've got a house to sell, now is the time to get it on the market. You want to have your house on the market at a time when there are the most buyers out there to see it. And that just happens to be spring and early summer.
If you're thinking of buying a home in Coralville, we still have a buyers market and there are great opportunities for buyers. Add to that the insanely low interest rates right now and you can buy yourself a lot more house for less these days. Yes, lower interest rates equals lower monthly payments and you can afford more house than in the past!
Whether you are buying or selling a house in Coralville I'd love the opportunity to talk with you and discuss your options. You can either call 319-400-0268 or drop me an email. I keep on top of trends in the real estate market in the Coralville and Iowa City area and just love sharing information - I look forward to hearing from you!
Data for the market report for February collected from the Iowa City MLS March 8, 2012
Originally posted @ Iowa City Homes for Sale