48 homes sold in North Liberty in May 2011 compared to 71 in May 2010. The surprising thing about the numbers is the fact that condo sales are up compared to last year. The big drop comes from single family homes and zero lot sales. This is totally different to Iowa City where single family home sales are doing much better than condos. If you follow my blog you’ll know I keep an eye on the housing trends in Iowa City, Coralville and North Liberty. At the moment there’s a lot of volatility with strange data like this that’s hard to get a handle on. We’re just going to have to be patient and watch and wait to see what happens in the coming months. This is the peak selling time of the year. In another couple of months we should have a clearer idea of how the North Liberty and greater Iowa City area housing market is really doing. One thing’s for sure, these are interesting times to say the least.
Homes spend less time on the market in North Liberty than Iowa City or Coralville with an absorption rate of 7.1 months, that’s an average of 217 days on market. (6 months absorption rate would be a balanced market).
The average price for a single family home in North Liberty in May 2011 was $215,967 compared to $233,480 in May 2010. The average price for condos in North Liberty was $118,008 in May 2011 compared to $118,172 in May 2010. The average price for a zero lot was $179,457 May 2011, compared to $161,737 in May 2010
The median price for a single family home in North Liberty in April 2011 was $214,900 in May 2011 compared to $219,450 in May 2010. The median price for a condo in North Liberty was 120,450 in May 2011 compared to $123,500 in May 2010. The median price for a zero lot was $177,900 in May 2011 compared to $149,900.
Are you looking for the right Realtor to help you navigate the complexities of the real estate market, all the while looking out for you and your money? Sound advice and guidance is just a phone call, text or email away. Call Denise now at 319-400-0268.
Source for data: Iowa City Area MLS June 22, 2011