193 Active Listings
24 Homes Under Contract
0 Homes Sold week ending November 27, 2010
This is a snapshot of the North Liberty IA real estate market, November 29, 2010. Thanksgiving week 3 homes sold in Iowa City and that was it. None sold in either Coralville or North Liberty.
The absorption rate for North Liberty is 5.0 months. That's the time it takes for the market to "absorb" homes.
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. 458 homes sold in the last 12 months in North Liberty IA and there are currently 193 showing as active listings.
458/193 = 2.4 - That means the inventory of homes in North Liberty turned 2.4 times in the last 12 months.
Now we take the 12 months and divide it by 2.4 to come up with the absorption rate.
12/2.4 = 5 months = 153 days
What this tells us that based on the current inventory the average time it takes a home to sell in North Liberty is 5.0 months. What the absorption rate does is give us an idea of what's going on in the market. It's not an exact science, it just gives us something to go on.
originally posted @ ichomesforsale.com