This market report takes a first look at home sales and home prices in North Liberty comparing 2017 with 2016. Yesterday I looked at home sales in Coralville and noted how similar the trends were in Coralville compared to Iowa City. It’s a bit of a surprise to see North Liberty bucking the trend for the area and home sales down 9% for the year. Happily North Liberty is not bucking the trend on home prices, which is a pretty good indicator that the reason fewer homes sold last year has more to do with a lack of homes for sale than a lack of buyers to buy them.
The takeaway of today’s numbers is that buyers don’t have a lot of choices and that means opportunities for sellers who don’t have too much competition when they put their houses or condos on the market. This applies especially in the lower price ranges.
Homes Sold in North Liberty January – December 2017
Home Sales & Home Prices in North Liberty January – December 2017
- Home Sales are down in North Liberty in 2017. 523 Homes sold in North Liberty January – December 2017 compared to 576 homes sold in the same time frame in 2016.
- The absorption rate is at a very low 1.5 months, that’s 47 days on market
- There are currently 65 homes showing as Active Listings on the MLS and 34 homes are currently showing as Contingent or Sale Pending – That translates into a 34% contract to listing ratio.
- Average Price for single family homes in North Liberty January – December is UP ~ Average price is $314,117 in 2017 compared to $306,720 in 2016
- Average Price for Condos in North Liberty is also UP ~ Average price is $144,594 in 2017 compared to $136,886 in 2016
If you’re thinking of selling your home in North Liberty this spring, now is the time to start thinking about your strategy. 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. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS January 3, 2018