Home Sales in North Liberty IA are up by 24.5% for the first 6 months of 2012. 289 Homes Sold in 2012 in the first 6 months of 2012, compared to 232 in the first half of the year in 2011. Looking at the real estate market in North Liberty is very different to either Iowa City or Coralville. This is mostly due to the big impact new construction homes have on home sales in North Liberty. To make my point, 38% of homes sold January through June 2012 were new construction homes built in 2011 or 2012. Taking that one step further, 54% of the homes sold in the first half of 2012 were less than 5 years old.
Whether you prefer to look at the average price or the median price, when you look at the chart you’ll see that both are moving in the right direction, although the median price for homes sold in North Liberty was down in June. There has been a big increase in zero lot sales in North Liberty in the last three months, which is probably a contributing factor to the fact that the median price is down. Zero Lots are a cost effective alternative to single family homes with less maintenance and no home owners association fees.
The absorption rate is down at an area low of 3.7 months, that’s an average of 112 days on market. 3.7 months certainly classes as a sellers market. Although the fact that the North Liberty real estate market is driven by new construction homes doesn’t make it easy for other sellers out there.
It’s tough for buyers too as they don’t know how to gauge where the “deals” are. This is where a good Buyer’s Agent who knows the market will come in handy. They’ll be able to advise you on what to look out for when it comes to figuring out where you can still get a deal, even in a so called seller’s market.
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 July 17, 2012