Home Sales are on the rise in North Liberty in the 4th Quarter. The data for the year for the North Liberty Real Estate Market is mixed with home sales down 2.8% for the year with just a few weeks to go to break even with last year. 537 homes sold January – November 2016 compared to 553 homes sold January – November 2015. Single Family Home Sales are up for the year, while condo and zero lot sales are down. Home Prices in North Liberty are up and the average time on market for homes is low. With so much positive data the only reason for the lower home sales this year must have been a lack of inventory of homes on the market in the spring and early summer peak selling season when the most buyers were out looking for homes to buy in North Liberty.
Contract to Listing Ratio + Absorption Rate North Liberty
The absorption rate provides information on the turnover rate of homes in North Liberty. That calculation looks at sold listings and how long they took to sell. The average time on market in North Liberty is 2.2 months or 68 days on market. The contract to listing ratio looks at what is happening in “real time” and how many buyers are writing contracts. This calculation looks at homes contingent or pending that are waiting to close. Currently 26% of the homes listed on the Iowa City MLS are under contract. Both of these pieces of data show a strong real estate market in North Liberty with a low number for days on market and a quick turnover of homes.
Homes Sold in North Liberty October + November 2016
Summary of Market Trends for North Liberty
- Single Family Home Sales in North Liberty Up 6% January – November 2016 compared to the same time frame in 2015
- Condo Sales down 8% January – November 2016
- Zero Lot sales down 16% January – November 2016
- Average Price of Single Family Homes in North Liberty Up ~ $323,796 in 2016 compared to $302,107 in 2015
- Average Price of Condos in North Liberty is ~ $136,856 in 2016 compared to $132,017 in 2015
- The absorption rate is at a very low 2.4 months, that’s 72 days on market
- There are currently 107 homes showing as Active Listings on the MLS and 37 homes are currently showing as Contingent or Sale Pending on the MLS – That translates into a 26% contract to listing ratio. The higher the percentage, the busier the market. 26% is about average for the fall months in North Liberty.
Regardless of market conditions, sellers will always benefit from the expertise of a good Real Estate Agent. The more you know and understand about the North Liberty real estate market the better your chances are of a quick sale. Working on a strategy for your specific home in your specific neighborhood is key to your success. The best way to find that out 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 December 4, 2016