Home Sales were up in October in North Liberty after a flat September. I’m always happy when that happens – I like reporting good news! 42 Homes sold in North Liberty in October 2012 compared to 29 in October 2011.
The absorption rate is at an amazingly low 2.6 months, that’s an average of 77 days on market. The absorption rate is calculated by looking at homes sold and homes currently on the market. There are only 118 homes currently listed on the MLS in North Liberty and that certainly impacted the absorption rate.
In the real world what the low inventory of homes on the market means is that buyers don’t have a whole lot of choices at the moment. This obviously is good for sellers so if you have a home to sell, this is one time I’d suggest getting it on the market quickly – Holidays or not! Before you do that though you really need to take a closer look at data for your neighborhood and price range. This market report shows general trends and doesn’t cover specific neighborhoods or price ranges. Please contact me for a Free Market Analysis and we’ll soon figure that out.
Looking at the bigger picture, the trend in the housing market in North Liberty is looking really good. Home Sales in North Liberty from January through October are up by 21%. 60 homes in North Liberty are showing as contingent or pending on the MLS. That’s also a good number for this time of the year and a sign that North Liberty is likely to stay active through the winter months.
Want to talk through your options and figure out whether now is the right time for you to buy a home or list your home in North Liberty? Give me a call at 319-400-0268 or drop me an email. Sound advice and guidance are just a phone call or email away!
Data for this market report pulled from the Iowa City MLS November 23, 2012