The monthly snapshot of the North Liberty real estate market looks at some of the leading indicators of the real estate market as a gauge for how the market in North Liberty is trending.
32 Homes Sold in North Liberty this month so far compared to 37 homes sold in October 2013. In September home sales were up 20% for the month. That doesn’t seem likely for this month with just one day of the month left for closings. Single Family Homes and zero lots are even with last year and condo sales are down. The ongoing shortage of homes on the market in North Liberty is the most likely reason for the low number of condos sold in October. North Liberty is very short on condos for sale with more condos under contract than listed as active right now and that doesn’t come up all that often! (18 condos under contract / 15 showing as active on the MLS at the time of writing this post).
Sellers are always interested to know how long it takes for their homes in North Liberty to sell. This month is very much in line with September with the trend to a lower market time for sellers with homes on the market in North Liberty. The chart below shows how many homes sold under 30 days and looking at the other end of the spectrum, how many homes in North Liberty took more than 90 days to sell. Very few homes took longer than 90 days to sell in North Liberty this month. If you are sitting on a house that’s not selling in North Liberty, it’s always good to reevaluate the situation every 30 days, just to make sure you’re still positioned where you need to be to get an offer.
Looking at home sales tells us what’s been going on in the market in the last couple of months. To get a feel for what’s going on in “real time” it’s a good idea to look at the contract to listing ratio. If we look at how many homes are under contract in North Liberty compared to how many homes are active listings waiting for the right buyer, then we can gauge how active the market is. The more homes there are under contract, the more buyers there are out and about actively writing contracts. 29% of the homes in North Liberty listed on the MLS are under contract. That’s a tad higher than Coralville at 25% and a lot higher than Iowa City at 20%.
Do you have a house or condo to sell in North Liberty? It’s not an easy decision for sellers to list their homes in the fall. This year, in a market so low on inventory, it’s a great time to reconsider that idea and talk to a Realtor about listing your home for sale in North Liberty. Give Denise a call at 319-400-0268. Good advice and guidance on whether listing your home now is in your best interests is just a phone call away!
Looking to buy a home in North Liberty? At Cardinal Realty we represent both buyers and sellers, (just preferably not in the same transaction). Whether you’re buying or selling a home the agent you work with WILL make a difference. (You might even be surprised just how much!) Work with an agent committed to putting in the time and effort needed to make yours a smooth and easy move.
Call Denise at 319-400-0268 for help selling your home or buying your next home in North Liberty.
Data provided via the Iowa City MLS October 30, 2014