This North Liberty real estate market update 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 – June 2019
Surprisingly and despite a busy spring market, home sales are down for the year in North Liberty. 225 homes sold in January through June 2019 compared to 261 homes sold in the same time period in 2018. That’s almost a 14% decrease in home sales for the year in North Liberty. The chart below shows that it’s single family homes took the biggest hit. Condo sales are only a little lower than 2018 and zero lot sales are up.
Both the absorption rate and the contract to listing ratio show a strong real estate market in North Liberty. The contract to listing ratio shows that 49% of the homes currently on the market are under contract and/or sale pending. The absorption rate shows us that homes in North Liberty are selling fast with an average of less than 90 days on the market. And although single family home prices are down, condo prices are up.
North Liberty Real Estate Market Summary January – June 2019
- Home Sales are down almost 14% in North Liberty in 2019. 225 Homes sold in North Liberty January – June 2019 compared to 261 homes sold in the same time frame in 2018.
- The absorption rate is at a low 2.7 months, that’s 85 days on market
- There are currently 111 homes showing as Active Listings on the MLS and 106 homes are currently showing as Contingent or Sale Pending – That translates into a 49% contract to listing ratio.
- Average Price for single family homes in North Liberty January – September is down ~ Average price is $307, 278 in 2019 compared to $361,814 in 2018
- Average Price for Condos in North Liberty is up ~ Average price is $163,950 in 2019 compared to $153,676 in 2018
- Average Price for Zero Lots in North Liberty is up ~ Average price is $230,936 in 2019 compared to $223,851 in 2018
The takeaway from the data in the North Liberty Real Estate Market Update this month is that even if it is a surprise to see home sales down, the rest of the data is positive. June and July are the busiest months for closings in the North Liberty and the greater Iowa City area real estate market, so it’s possible the next market update will show an increase in home sales in North Liberty when those July closings come in. Check back for updates. After a bit of a break I intend to get back into a routine of providing more real estate market updates for the Iowa City area real estate market.
Whether you’re thinking of buying or selling a home in North Liberty, knowing what to expect of the market 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.
Ready to sell your house or condo or purchase your new home now? Sound advice and guidance are just a call or click away! You can reach out to us via our contact form. Alternatively you can reach me, Denise, at 319-400-0268.
Data provided via the Iowa City MLS July 2, 2019