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North Liberty IA Homes: Weekly Market Update November 1, 2010 - Homes Sold, Homes Under Contract & Active Listings

By Denise Hamlin, Broker/Owner

Real Estate Broker/Owner with Cardinal Realty ~ 319-400-0268

November 01, 2010 06:32 AM

North Liberty IA Homes: Weekly Real Estate Market Update November 1, 2010 - Homes Sold, Homes Under Contract & Active Listings

191 Active Listings
23 Homes Under Contract
2 Homes Sold October 25 - October 30, 2010
327 Parkview Ct, North Liberty - Sold Price: $129,000 - 78 days on market
248 Fox Run Dr, North Liberty - Sold Price: $248,000 - 81 days on market

This is a snapshot of the North Liberty IA real estate market, November 1, 2010. 1 single family home and one zero lot sold in North Liberty last week.

The absorption rate for North Liberty is 4.7 months. That's the time it takes for the market to "absorb" homes.

In case you're wondering how I come up with the 4.7 months here's the calculation: The first step in calculating the absorption rate is to find out how many homes sold in the past 12 months and how many are currently on the market. 485 homes sold in the last 12 months in North Liberty IA and there are currently 191 showing as active listings.

485/191 = 2.53 - That means the inventory of homes in North Liberty turned 2.53 times in the last 12 months.

Now we take the 12 months and divide it by 2.53 to come up with the absorption rate.

12/2.53 = 4.7 months = 141 days

North Liberty is the strongest market in our area and has a pretty good turnover of homes and a good absorption rate. Looking at the last couple of months though home sales are down and North Liberty is not doing as well as the absorption rate reflects. I'll be posting the monthly report for North Liberty in a couple of days and you'll see what I mean.