The Greater Omaha real estate market continues to be a bright spot when compared to the national picture. We have experienced seasonal dips and jumps but have continued to hold true to our conservative roots. In this 'address' we hope to get you up to speed on what is happening right now in the over all Greater Omaha Area real estate market so that you can make informed decisions. As always, we welcome your feedback and urge you to contact us when considering buying or selling a home.
We could sum this 'address' up with one word: WEATHER! We predicted in early November of last year that the market would explode just after the first of the year with the extension and expansion of the tax credits which are due to expire in the first half of this year. That booming start was hammered on by Mother Nature and continues to have a negative impact on home buying and selling activity. We did however experience higher than normal traffic through our open houses this past weekend which leads us to believe that the pent up demand is breaking loose. Another indicator that we track religiously is our web traffic which has been off the charts when compared to previous months and years. The NP Dodge web traffic (Unique Visitors) is up over 41% when compared to the previous quarter.
The Omaha market currently has 4,644 homes for sale today which has held steady over the past few months. We haven't experience a great deal of movement in relation to new inventory coming on the market or inventories in any segment of the market being greatly absorbed. This we believe is attributed to the season and the impact of the harsher than normal weather. The first timer price range of $75,000 to $200,000 continues to be in a neutral market given the higher than normal demand. Having a neutral market in this price range continues to feed the trickle up effect in to the higher price ranges. New construction inventories are down nearly 17% and pending sale are up nearly 29% when compared to this time last year which is music to the ears of local builders. The condo market has followed suit with the new construction market in that inventories are down considerably and pending sales are rising.
All that aside, we predict the next couple of months to be unseasonable busy with the opportunity of the $8,000 first-time homebuyer and $6,500 repeat buyer tax-credits, low interest rates and great selection of homes available. For information on the real estate market, tax credits and of course all the area homes for sale, please utilize npdodge.com.
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