27 homes sold in North Liberty IA in February 2011 compared to 15 in February 2010. That's an 80% rise in home sales for the month of February. It seems North Liberty is back after a few dodgy months since the tax credit expired last year. Spring is bringing out the buyers in North Liberty and they don't need a tax credit as incentive to buy a home. They're out buying just because owning your own home is a fine thing to do. Of course there is the fact that interest rates are still incredibly low - Below 5%. And with the large amount of inventory of homes on the market we definitely still have a buyers market, with great buying opportunities for buyers.
Strangely, the number of homes sold in Iowa City and Coralville didn't match those in North Liberty in February. I think that may be because those numbers are skewed by the high number of pending sales for homes that haven't closed yet. I'm still busier than I've ever been. (It's almost the end of March and I'm catching up on the market reports for February - That's busy!) I'm looking forward to March home sales to see whether all this activity I'm noticing in the market is actually going to translate into homes sales in my other prime areas. Check back for updates, or better yet Subscribe to my blog for email updates on what's going on in North Liberty and the greater Iowa City area.
The good news keeps on getting better. Along with the rise in home sales in North Liberty, there was also a rise in the average price. The average price for a single family home in February 2011 was $262,938 compared to $218,729 in 2010. The average price for condos in North Liberty was $140,429 in February 2011 compared to $128,325 in February 2010. Zero lot prices were also up from last year. $161,904 in February 2011 compared to $157,075 in February 2010.
North Liberty IA Real Estate Market Report January 2011
Source for data: Iowa City Area MLS March 23, 2011
Originally posted @ ichomesforsale.com