Second Quarter Stats:
Closed Volume: 4,136 Homes
Avg. Days on Market: 46
Avg. Sales Price: $198,442
Avg. Price/Sq. Ft: $118
Avg. List to Sale Price: 98%
The Omaha market was HOT this spring. For the second quarter of this year, we saw a huge demand for housing and continued to see the supply fall short. Sellers steadily gained leverage and received offers quickly – sometimes within hours of listing. Although that wave of demand typically wanes in late summer, we are still steadily seeing homes, especially those under $250,000, move within weeks.
Existing home sales were boosted 5.1% in May and pending sales saw the highest month to month increase they’ve been in nine years (.09%), according to Lawrence Yun, NAR chief economist. Also in May, the first time homeowner percentage rate reached 32%, up from 27% one year ago. Changes in underwriting standards, a reduced FHA premium and a lower downpayment required, along with increase consumer confidence and a healthier unemployment rate allowed millennials to enter the market. New construction has been active as well with the expected pace of 1.1 million homes built in 2015 nationwide. This will help relieve demand, but the prices will continue to rise as construction costs go up.
Although the market will slow as school begins this fall, it’s still a great time to list your home or buy a home with the mortgage rates leveling off lately. Call us if you’re interested in knowing what your home is worth or want to look at what kinds of homes might fit your changing needs!