Fall is a great time to take stock of housing trends in North Liberty in 2018 so far. This market report looks at home sales and home prices in North Liberty and also gives some insight on how long it’s taking for houses and condos to sell in the current market.
Homes Sold in North Liberty January – September 2018
It’s a little surprising to see home sales in North Liberty are up just slightly compared to last year. 428 homes sold in January through September 2018 compared to 426 in the same time period in 2017. Home Prices on the other hand are up for the year, which is a strong indicator that it was a lack of houses and condos on the market that caused us to be looking at pretty much even home sales for the year in North Liberty. New construction homes are big sellers in North Liberty and I know that builders haven’t been able to keep up with buyer demand. Buyers not being able to find homes to buy is a very good reason for the lack of a big increase in home sales in North Liberty in 2018 so far.
Home Sales & Home Prices in North Liberty January – December 2017
- Home Sales are up just slightly in North Liberty in 2018. 428 Homes sold in North Liberty January – September 2018 compared to 426 homes sold in the same time frame in 2017.
- The absorption rate is at a low 2.7 months, that’s 85 days on market
- There are currently 123 homes showing as Active Listings on the MLS and 42 homes are currently showing as Contingent or Sale Pending – That translates into a 25% contract to listing ratio.
- Average Price for single family homes in North Liberty January – September is UP ~ Average price is $350,557 in 2018 compared to $311,368 in 2017
- Average Price for Condos in North Liberty is also UP ~ Average price is $153,609 in 2018 compared to $144,147 in 2017
The takeaway from the data in the North Liberty Market Report this month is that even if it is a surprise to see not much of an increase in home sales for the year so far, the rest of the data is very positive. Home Prices are up. Homes are selling quickly with an average of under 90 days on market. The market is still trending strongly to a sellers market. It will be interesting to see how it shapes up in the next few months with higher interest rates kicking in that may impact buyer decisions.
If you’re thinking of selling your home in North Liberty, knowing what to expect of the market for your specific home in your specific neighborhood is key to your success. Detail oriented and with in depth knowledge of the North Liberty and Iowa City area real estate market, we can help with that. To get started, use our contact form to tell us a little bit about your house or condo and what your expectations are. Alternatively you can reach me, Denise, at 319-400-0268.
Data provided via the Iowa City MLS October 15, 2018