The monthly snapshot of the North Liberty real estate market “takes the temperature” of the market and shows us whether the market is hot, humming along nicely or whether there are any signs of a slowdown. Home Sales are up in North Liberty in September with the number of homes sold up almost 20% compared to September 2013. 43 Homes Sold in North Liberty this month compared to 36 homes sold in September 2013. Single Family and condo sales are up from last year. Zero Lot sales on the other hand are down.
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 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 27% and a lot higher than Iowa City at 18%.
The North Liberty real estate market has been very active for a long time and well prepared, well priced homes don’t tend to stay on the market for long. That said, even in a hot market there will be sellers sitting on the sidelines wondering when their homes will sell. Rather than provide you with a generic number about average days on market, I’ve created a chart that 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. You’ll notice in the chart below that very few homes took longer than 90 days to sell. You’ll also notice a good number took 30 – 60 days to sell. In other words, they didn’t get offers right away. Not all houses do, even in an active market. That doesn’t mean sellers should be complacent about a home selling of course. It’s always good when you’ve got a house on the market to evaluate the situation every 30 days, just to make sure the house is still positioned correctly on the market to get an offer. (Just an FYI, listings are removed from the public view of the Iowa City MLS when they are Sale Pending. The numbers below reflect when houses were marked as sale pending and not when they sold).
Fall is here and before we know it, it will be the end of the year. You might want to check back next month to find out where the North Liberty real estate market is headed. Or you can make it easy on yourself and sign up and get Market Updates Via Email.
Do you have a house to sell in North Liberty? I’m a straight talking Realtor who knows the ins and outs of the North Liberty real estate market and knows how to get your home sold. Homes don’t sell themselves – A good agent will be what makes the difference between a home selling quickly and it languishing on the market.
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 September 30, 2014 and revised October 4, 2014 – Removed 2 listings from the data collected September 30 of homes sold in Tiffin and Oxford