Home Sales in North Liberty took a dip in the 3rd quarter. 174 homes sold July – September 2016 compared to 212 homes sold in the 3rd quarter 2015. The biggest surprise is that condo sales are down 8% for the year so far. Condos are always popular with first time home buyers in the peak spring and early summer selling season. Clearly they weren’t finding what they were looking for this spring in North Liberty. In fact, a quick check of the MLS reveals that the inventory for lower priced condos is still very low in North Liberty. It’s worth mentioning the lower number of condos sold did not affect condo prices. The average price of a condo in North Liberty is the same as the 3rd quarter last year.
Homes Sold in North Liberty July – Sept 2016
Highlights of This Month’s Market Report for North Liberty
- Home Sales are down 3.6% for the year so far in North Liberty due mainly to a shortage of inventory in the lower price ranges – 506 homes sold January – October 2016 compared to 525 in the same time frame in 2015
- Average Price of Single Family Homes in North Liberty Up in the 3rd Quarter ~ $323,796 in 2016 compared to $302,107 in 2015
- Average Price of Condos in North Liberty is even in the 3rd Quarter ~ $138,797 in 2016 compared to $138,528 in 2015
- The absorption rate is at a very low 2.4 months, that’s 72 days on market
- There are currently 112 homes showing as Active Listings on the MLS and 42 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 27% contract to listing ratio. The higher the percentage, the busier the market. 27% is about average for the fall months in North Liberty.
So how is the real estate market doing in North Liberty? There is some conflicting data in this quarterly market report. Again, looking at the bigger picture, the main indicators show continued strength in the North Liberty real estate market. How does that translate to you as a seller? There’s only one way to find that out and it’s by taking a look at your specific home in your specific neighborhood. The best way to do that is to talk to a good Realtor!
Whatever your real estate goals are, when you’re ready to work with an agent who has a reputation for doing what it takes to make yours a smooth and stress free buying or selling experience, you can reach Denise directly at 319-400-0268, or of course email works too!
Data provided via the Iowa City MLS November 3, 2016