Home Sales in North Liberty are down slightly in August, while home prices are up. 52 homes sold in August 2016 compared to 56 homes sold in August 2015.
The chart below shows that condo sales were down in August, which is somewhat surprising in North Liberty where condos are always popular with first time home buyers in the spring market. It’s safe to say that the lack of inventory of condos on the market during the spring selling season are the likely cause for this shortfall in condo sales in August.
Homes Sold in North Liberty August 2016
Highlights of This Month’s Market Report for North Liberty
- Home Sales are down 2% for the year so far in North Liberty due mainly to a shortage of inventory in the lower price ranges – 435 homes sold January – August 2016 compared to 446 in the same time frame in 2015
- Average Price of Single Family Homes in North Liberty Up ~ $300,677 in 2016 compared to $297,511 in 2015
- Average Price of Condos in North Liberty Up ~ $137,791 in 2016 compared to $134,950 in 2015
- The absorption rate is at a very low 2.2 months, that’s 68 days on market
- There are currently 106 homes showing as Active Listings on the MLS and 52 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 33% contract to listing ratio. This is a good sign that buyers are out writing contracts this Fall. (The higher the percentage of homes under contract, the busier the market).
What does this data mean to you? North Liberty continues to trend towards a sellers market with opportunities for sellers, especially in the lower price ranges. Vacation time is over. The kids are back at school. Right after back to school time is typically when the Greater Iowa City area real estate market picks up again for the Fall. If you’ve got a house or condo to sell, now is a good time to list it!
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is what we’re known for. Working with the right real estate agent will go a long way to deciding what kind of home buying or home selling experience you will have. Sound advice and guidance is what you can expect when you work with Denise at Cardinal Realty. Call, (or text) Denise now at 319-400-0268.
Data provided via the Iowa City MLS September 13, 2016