The North Liberty real estate market is a little different to Iowa City or Coralville in that new construction homes have a big impact on home sales in North Liberty. 56 homes sold in North Liberty May 2012 compared to 48 in May 2011. 25 of those homes were built in either 2011 or 2012. That’s almost 45% of home sales in North Liberty in May, which shows you just how popular new construction homes in North Liberty are with buyers.
When you look at the chart you’ll see that just like in April, zero lot sales are up in North Liberty compared to last year. The advantage with a zero lot is that there is typically no home owners association and consequently no association fees and it’s an excellent lower cost alternative to a single family home.
Whether you prefer to look at the average price or the median price, both are on the rise when it comes to condos and single family homes in North Liberty. Zero Lots are selling for less than last year in North Liberty.
The absorption rate is down a tad from April at 4.3 months, that’s an average of 131 days on market.
What does this data mean for home buyers and home sellers in North Liberty?
If you’ve got a house to sell in North Liberty, there are more buyers out and about this year so your chances of selling your home in shorter time frame are better than they have been in the last few years. That said, with so much competition from new construction you do have a different set of challenges to work through, especially if you bought your house a few years ago for more than buyers are paying for new construction now. Looking at the bigger picture and making sure your house is priced competitively and shows (exceptionally) well is where you need to start. (Just remember you’re competing with new construction and the bar is high).
If you’re looking to buy a home in North Liberty, you can typically get a little more house for the money in North Liberty than in Coralville or Iowa City and lately the price for new construction homes has come down a bit compared to a few years ago too. Combine the low home prices with the phenomenally low interest rates and you’ll see that North Liberty continues to offer great opportunities for buyers.
Want to talk through your options and figure out whether now is a good time for you to buy a home or list your home in North Liberty? Give me a call at 319-400-0268 or drop me an email. I’d love to hear from you!
Data for this market report pulled from the Iowa City MLS June 19, 2012