Last month I wrote a post showing that Home Sales in North Liberty were up by almost 25% for the year and up 29% in June. I expected that trend to continue through July and yet surprisingly home sales are down a bit compared to July 2011. 76 homes sold in North Liberty July 2012 compared to 84 homes sold in July 2011. Of course one month lower home sales does not make a trend. Plus I have other positive data that balances out the slightly lower number of homes sold in North Liberty in July.
The absorption rate is down at a very low 3.8 months, that’s an average of 116 days on market. That’s very good news for sellers. Less homes on the market typically leads to higher prices. It’s the basic supply and demand principle of economics at work.
When you look at the chart you’ll see that even though condo and single family home sales are down slightly, zero lot sales in North Liberty were up in July. 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.
What does this data mean for home buyers and home sellers in North Liberty?
If you’ve got a home to sell, the inventory of homes on the market in North liberty is low so it’s a good time to get your home on the market. Of course you’ll need to be realistic about where you price it as there’s still a lot of competition. Selling a home is a cross between a price war and a beauty contest. If you want some help figuring out how to win both, give me a call I’m known for my candid assessment of a situation and will know what needs to be done to get your home sold.
If you’re thinking of buying a home in North Liberty the low inventory may mean you don’t have as many choices as you had a year or two ago. If you see a home you like you should snap it up. The nicest homes that are fairly priced are going fast. (Although if it’s new construction of course chances are there may be other houses in the works). If you want some help getting the best house at the best price give me a call. This also applies to new construction. It may not be intuitively obvious, but working with a (good) Realtor is always a good idea. To make smart decisions you’ll need all the facts and I can help with that.
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. My approach is very straightforward. I’ll help you figure out a strategy on how to get from A to B with the minimum amount of fuss.
Data for this market report pulled from the Iowa City MLS August 8, 2012