To borrow a baseball term, the news for Lincoln area home sellers these days is akin to hitting a “grand slam” homerun. There’s excellent news on four real estate fronts.
1. Home sales prices are improving. According to numbers from the Realtors Association of Lincoln, the average 2012 sales price of a single family home in the Lincoln area was $160,159. That’s a 7% jump over the average 2011 sales price of $149,014. This past year also saw the highest average sales price the Lincoln area has seen in five years.
2. The total number of single family homes sold in the Lincoln area was up dramatically in 2012. The number of homes sold last year was 4,139, an increase of more than 600 homes over 2011. The Lincoln area’s biggest sales year was 2004 when 4,581 homes sold.
3. There’s less housing inventory. This means less competition for home sellers because there are fewer homes available for buyers to buy. In December, 2012 there were 1,334 single family homes listed for sale on the Lincoln MLS. That’s down from 1,486 in December, 2011. It’s way down from the 2,050 single family homes available for sale in December, 2008.
4. Interest rates remain at historic lows. Mortgage News Daily reports the average 30 year fixed rate mortgage is 3.39% this month. In January 2012, it averaged 3.92%. A 30 year fixed rate mortgage in January 2010 averaged 5.03%.
Summary: With sales prices improving, more people buying homes, fewer homes available, and historically low mortgage rates, conditions are excellent for sellers in the present Lincoln area real estate market.