Surprisingly, and not in line with Coralville or Iowa City – Or with any number of other towns in Iowa for that matter – Home sales in North Liberty were down in February. 20 homes sold in North Liberty in February 2012 compared to 27 homes sold in 2011. With home sales trending in the right direction all over the place there’s only one way to treat this data and that’s as a glitch.
The absorption rate has gone up slightly to 5.4 months, that’s an average of 165 days on market for homes in North Liberty. (6 months absorption rate is a balanced market). The absorption rate in North Liberty is the lowest in the area. That’s a good sign as we head towards the prime selling time of the year.
If you’ve got a house to sell in North Liberty IA, now is the time to get it on the market. You want to have your house on the market at a time when there are the most buyers out there to see it. And that just happens to be spring and early summer.
If you’re thinking of buying a home in North Liberty, it’s still very much a buyer’s market. We still have too much inventory on the market for that to change yet. Buyers continue to get the best of all worlds. Lots of inventory means buyers have lots of choices. Then there’s the fact that home prices are the lowest they’ve been for years. Add to that the phenomenally low interest rates right now and it doesn’t take too long to come up with the idea there’s really no better time to make your move as a buyer!
Whether you are buying or selling a house in North Liberty I’d love the opportunity to talk with you and discuss your options. You can either call 319-400-0268 or drop me an email. I know the Iowa City area real estate market and am always happy to share information. I look forward to hearing from you!
Data for the North Liberty IA Market Report for February collected from the Iowa City MLS March 22, 2012