by Rich Rodenburg, Nebraska Home Sales Realtor
Supply and demand is out of balance, with far more buyers than the inventory can feed. On my weekly radio show (KFOR 1240AM and 103.3FM, 8:00-8:30am, Saturdays), I report on how many pre-owned homes are for sale in the city of Lincoln. I also report on how many are under contract (UC) (purchased, but waiting to close), the median days on market (DOM) and median prices of both.
The craziest part of the market is in the $100,000-$300,000 price range. For homes currently under contract in that range, the median time to sell was 3 days. Those lower than $100,000 took three times longer. Higher priced homes took 10 times longer to sell. Homes that are over-priced, not in good condition or not in a good location are taking much longer.
Of the only 222 existing detached homes currently on the Multiple Listings Service (MLS) that are for sale, half are under $275,000 and half are over. Of those under $275,000, half of those are sitting under 15 days on market. Those for sale for more than $275,000 have a median DOM of 36 (over twice as long without finding a buyer).
Of the 502 homes now Under Contract, the median asking price was $159,900. For those that sold for $159,900 or less, the days on market to sell was only 3 days. For those that went under contract for more than $159,900, the median DOM was still only 5. Yes CRAZY!
That discrepancy between the $275,000 median priced home for sale and the median $159,900 home that has sold is significant.
In summary, well priced homes for their condition are selling relatively quickly in every price range, but extremely fast in the $100,000 to $300,000 price range. When selling, be sure to ask your Realtor how to prepare and price your home to move quickly, hopefully with multiple offers, and maybe even over asking price. When buying, please rely on us, your Realtors, to find and see homes quickly, and ask us for a price analysis. When one is a fit for you, and at a fair price, be ready to write an offer, and cross your fingers. We can guide you through the CRAZY.
To further break it down…
From $101,000-$200,000 (280 homes UC) Median DOM=3, Currently for Sale=55 Median DOM=11
From $201,000-$300,000 (100 homes UC) Median DOM=5, Currently for Sale=35 Median DOM=8
From $301,000-$400,000 (30 homes UC) Median DOM=9, Currently for Sale=42 Median DOM=35
From 401,000-$500,000 (7 homes UC) Median DOM=30, Currently for Sale=21 Median DOM=38
From $501,000-$600,000 (8 homes UC) Median DOM=16, Currently for Sale=11 Median DOM=51
From $601,000-$1,000,000 (8 homes UC) Median DOM=8, Currently for Sale=18 Median DOM=43