The real estate market in North Liberty is hot and yet the number of homes sold does not reflect that. It’s the number of homes under contract that stand out again this month. 138 homes in North Liberty are showing as contingent or pending on the Iowa City MLS. That’s more than the number of homes showing as active listings! What does that mean exactly? When you look at the chart below you can see that more than half the homes on the market are under contract – That’s definitely a good sign of a very active market with busy buyers writing offers.
Pie charts are a great visual aid, but it you’re like me and appreciate looking at data, then the calculation for the will be more down your street. When we do that calculation it’s a highly impressive 50.9% of the homes currently on the market have accepted offers. (138 homes under contract / 271 homes on the market). North Liberty is the most active market in the Iowa City area and a contract to listing ratio of more than 50% certainly means the market is hopping! If you’ve got a house to sell in North Liberty, now is definitely the time to list it!
Market Snapshot North Liberty IA April 29, 2014
133 Active Listings
138 Homes Pending or Contingent
25 homes sold in North Liberty in April to date – 17 Single Family Homes, 14 Condos, 3 Detached condos, 8 Zero Lots
While the contract to listing ratio looks at the real estate market in North Liberty in “real time,” the absorption rate is another tool to gauge market conditions and looks at past sales. Calculating the absorption rate is a great way to see how the market is trending. This month the absorption rate in North Liberty is at 2.7 months, (82 days on market). That’s very low and falls into the “sellers market” category, (3 – 6 months is a balanced market). Once again, this is a great market for sellers. If you’ve got a house to sell in North Liberty, now is a very good time to get it on the market.
That wraps it up for this month’s quick snapshot of the North Liberty real estate market. Check back for updates to see how the North Liberty market shapes up as the peak selling time of the year unfolds.
Want to talk through your options and figure out whether now is a good time for you to buy a home or sell a home in North Liberty? The data in my reports looks at the general market, it doesn’t looks at specific neighborhoods or price ranges. Both of which are major factors when it comes to personal buying or selling decisions. Give me a call at 319-400-0268 or drop me an email. My approach is very straightforward. I’ll give you the facts and help you figure out a strategy on how to get from A to B with the minimum amount of stress and lots of attention to detail.
Data pulled from the Iowa City MLS April 29, 2014