Home Sales in North Liberty in January are up compared with last year. 25 homes sold in January 2016 compared to 23 in January 2015. That’s not as big an increase in home sales in North Liberty as you might expect in a strong real estate market. A check of the underlying data was very revealing. It turns out that of the 115 homes currently listed on the MLS, only 11 of them are priced under $200,000. (And only 4 of those under $180,000). That is not good news for buyers in North Liberty, especially not first time homebuyers who are often working with a budget under $200,000. It seems a lack of homes in the lower price ranges is a good reason as to why we don’t see a bigger increase in home sales in January in North Liberty. As a side note. If you’re a seller with a house or condo to sell in North Liberty under $200,000, you have very little competition and lots of buyers out and about just waiting for the right home to come on the market!
Homes Sold in North Liberty January 2016
The contract to listing ratio and the absorption rate both show a positive trend in the North Liberty real estate market as we get poised for the spring market. The absorption rate shows the rate the market “absorbs” homes. An average of 72 days on market is a sign of a strong market with a quick turnover rate for homes in North Liberty. This information, coupled with the fact that 34% of the homes currently listed on the MLS are under contract shows that despite the lack of inventory in some home styles and price points, buyer activity is strong in North Liberty.
Highlights of This Month’s Market Report for North Liberty
- Home Sales Up in North Liberty despite a shortage of inventory in the lower price ranges
- Average Price of Single Family Homes in North Liberty Up ~ $291,621 January 2016 compared to $278,900 in 2015
- Average Price of Condos in North Liberty down ~ $132,775 in January 2016 compared to $135,686 in 2015
- The absorption rate is at a low 2.4 months, that’s 72 days on market – Real estate is seasonal and to see a high turnover of homes in winter is a good thing.
- There are currently 115 homes showing as Active Listings on the MLS and 58 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 34% contract to listing ratio – A very promising number so early in the year.
What does this data mean to you? North Liberty is trending strongly towards a sellers market with opportunities for sellers, especially in the lower price ranges.
In a market short on inventory, the savvy home buyer’s best ally is a good real estate agent. As a buyer’s agent this is one of my strongest suits. I’ve helped multiple buyers find homes fresh on the market before they got snapped up by other buyers. If you don’t want to miss out on houses or condos in North Liberty, working with an agent keeping an eye on the market for you is your first step to success!
Helping Buyers and Sellers achieve their goals efficiently, with the minimum amount of fuss is my prime directive. Buying or selling real estate can be a fun and productive journey, or the exact opposite. 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 I’m known for and both are just a text or email away. Call Denise now at 319-400-0268.
Data provided via the Iowa City MLS February 16, 2016