HAPPY NEW YEAR!
Well we're in that time of the new year that we like to take a glimpse back at the previous year & figure out what really happened (good or bad). So let's do that for the 2010 Lincoln, Nebraska real estate market.
In 2010, the Lincoln, Nebraska real estate market saw record low mortgage rates. Yet we also saw an end to the federal government's home buyer tax credit. So how did all of this affect the market? Let's take a look at the 2010 year ending residential real estate numbers for Lincoln, Nebraska as compared to the 2009 year end numbers.
2009 # of sold properties: 3,387
2010 # of sold properties: 2,810
2009 avg sale price: $149,418
2010 avg sale price: $153,144
2009 avg days on market: 67
2010 avg days on market: 77
2009 homes sold for an avg of 96.6% of their list price
2010 homes sold for an avg of 92.4% of their list price
As you can see, the number of homes sold in 2010 were much fewer than in 2009. Homes sat on the market for longer & in turn sold for much less percentage of their list price. The good news is that the avg sale price increased slightly. I think that much of this is due to the tax credit or in correlation, the expiration of the tax credit.
In 2011 the rates are expected to stay low at least for the time being. The number of homes currently on the market as of today, is the lowest I have seen since I have been in the business with only 1,243 current listings. So is it a buyer's market or a sellers market? In my opinion, much of that will depend on consumers' confidence. We shall see what 2011 has in store for us!
The Korn Team
RE/MAX Real Estate Concepts
P.S. The Korn Team is going to take it to the next level this year. If you or someone you know is planning a move, be sure to contact us for a FREE consultation! You won't regret it!
*All stats via the Midlands MLS. Pulled on 1/3/11 for residential properties only in Lincoln, Ne.