Lucky for me that February has an extra day this year so I can squeeze in my monthly market report for North Liberty at the last minute. Right in line with expectations Home sales in North Libery are up in January. The numbers are almost as impressive as Iowa City. 26 homes sold in North Liberty January 2012 compared to 12 in 2011. That’s a 116% increase compared to an increase of 138% in Iowa City in January.
The absorption rate has dropped to 4.9 months, that’s an average of 150 days on market. (6 months absorption rate is a balanced market). 4.9 months absorption rate is technically a sellers market. It’s true that the number of homes sold is definitely on the rise in North Liberty. When you look at the table below you’ll see home prices are on the rise too. It’s worth noting that home prices are skewed by a few factors. One of them being that about half the homes sold in North Liberty in January were new construction and they typically sell close to or at asking price.
It’s the competition from new construction that makes selling a home in North Liberty different to selling a home in Iowa City or Coralville. Not that they don’t have new construction in Iowa City or Coralville, just not as much. As we head towards Spring, if you’ve got a house to sell in North Liberty, now is a very good time to talk to a Realtor. This market report for North Liberty confirms that the housing market in North Liberty is definitely trending in the right direction. Condo sales are particularly encouraging. What you need to know now is how that relates you and your house. Yes, there are more homes selling in North Liberty, but what are the chances of you getting the price you feel your home is worth? After all, you will often be competing with new construction homes. Only an agent who really understands the North Liberty real estate market can help you figure out how best to gain leverage when competing with new construction homes.
Now is the time of course when I point out that I’d love the opportunity to talk with you and discuss what your options are when it comes to selling your home in North Liberty. You can call 319-400-0268 or drop me an email. I look forward to hearing from you!
Data for the market report for January collected from the Iowa City MLS February 29, 2012