Just like the rest of the Iowa City area the North Liberty real estate market is hot at the moment. Unsurprisingly though, home sales are down just slightly in North Liberty in the 1st quarter. 62 homes sold in North Liberty January through March 2014 compared to 65 in the first three months of 2013. Why unsurprisingly? In my market reports for Iowa City and Coralville I mentioned that the inventory of homes on the market is low. This is particularly true for North Liberty and that means that many buyers out there just don’t have enough options to choose from. Ultimately we have more buyers ready to buy homes than we do sellers ready to sell their homes and that is bound to impact home sales in North Liberty and the greater Iowa City area.
From the chart below you’ll see there is a trend to higher prices for homes in North Liberty in 2014. When buyers are prepared to pay more for houses it shows confidence in the market and that’s good for everyone!
Home Sales & Median Price North Liberty
January – March 2014
The smart buyer watches the market and moves swiftly in North Liberty and the number of homes contingent or sale pending definitely shows strong buyer activity. Altogether there are 125 homes currently contingent or pending on the Iowa MLS. That includes 48 single family homes and 30 condos. Those numbers didn’t surprise me too much. The 47 zero lot line homes did – That’s a lot of zero lot homes under contract! Clearly zero lot homes are a popular option for buyers in North Liberty as a more affordable solution than single family homes.
The absorption rate for single family homes in North Liberty is the lower than both Iowa City and Coralville and at a low 2.7 months, that’s an average of 83 days on market. The days on market varies a lot in the current busy market. Many houses and condos go under contract within days of going on the market. It’s certainly a market where buyers need to move fast as the best homes are snapped up quickly!
Do you have a house to sell in North Liberty? Now is definitely the time to list it! We offer solid advice on how to get your home sold, combined with a top of the line Marketing Plan using the power of the Internet to seal the deal. This winning combo worked for our last three sellers who got offers on the same day their homes were listed. (And two of those homes were in North Liberty!)
Want to know what you’re home is worth in today’s market? A “common sense” approach to real estate means that when you call for a FREE Market Analysis you’ll get an honest and realistic assessment of your home’s value. It will be based on sound market data and include an analysis of current market conditions in the North Liberty real estate market. Give me a call at 319-400-0268 or drop me an email. I promise it will be worth your while!
Data for this market report pulled from the Iowa City MLS April 24, 2014