Home Sales in North Liberty are up 12% for the year and yet down in October. 24 homes sold in North Liberty October 2015 compared to 43 in October 2014. The chart below shows that condo sales remained good in October, while the sales of single family homes are down by 56%. One month of lower home sales doesn’t make a trend. We’ll need to wait up November to see whether this slow down in the real estate market in North Liberty is likely to continue through the winter months, or whether this is just a glitch.
The absorption rate and the contract to listing ratio provide more data to work with to see what might be in store in the coming months in North Liberty. The absorption rate shows the rate the market “absorbs” homes. The quick turnover rate of 2.8 months or 83 days on market is a sign of continuing strength in the North Liberty real estate market.
The contract to listing ratio provides information on how many buyers are currently out and about writing contracts. 21% of the homes currently listed on the Iowa City MLS are under contract and waiting to close. In the spring and summer months it’s typically between 40% to 50% – The lower contract to listing ratio is very typical for the Fall months.
Homes Sold in North Liberty October 2015
Highlights of This Month’s Market Report for North Liberty
- Home Sales are up January – October by 12%. 521 Homes sold in North Liberty in January – October 2015 compared to 464 in the same time frame in 2014.
- The absorption rate is at a low 2.8 months, that’s 83 days on market
- There are currently 137 homes showing as Active Listings on the MLS and 37 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 21% contract to listing ratio – That means not too many buyers are out writing contracts so sellers may need to factor in a longer time on market.
Homes aren’t “flying off the shelves” as they were in the spring and summer months in North Liberty. The inventory of homes on the market is about the same as in the summer months, with far fewer buyers out writing contracts. When the competition is higher from other houses on the market, it’s more important than ever that sellers prepare their homes to stand out above the rest and price them in line with the market. A (good) real estate agent will be an asset and will help with that by providing good advice on preparing and pricing your home based on homes similar to yours in neighborhoods like yours. Every SOLD sign starts with a plan. And the planning starts before you put your house or condo on the market!
Are you looking for the right Realtor to help you navigate the complexities of the North Liberty real estate market, all the while looking out for you and your money? Sound advice and guidance are just a phone call, text or email away! Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS November 3, 2015