Omaha Real Estate Market Trends for August 2017

Enjoy Omaha’s Real Estate Market Trend Report for this month. Search all homes for sale on the MLS by city and price point, search by mapsave your favorite properties and set up a search and be alerted as soon as a matching property hits our database and find out the value of your home.

In this Month’s Issue of the August 2017 issue of the
Omaha Real Estate Market Trends provided by Connie Betz 

Discover what’s trending: how many listings are hitting the market?  Is there a shortage of homes on the market and if so, how is that affecting the sales price?  How long do homes stay on the market before selling?  What’s the median home value in the Omaha area this month?  What does this mean for you?  Here’s the deal:  

August saw 1,317 single family homes sell, down 6% from the same time last year.  Properties sold for an average list price of $305,496 and average sales price of $217,186.  The average number of days it took to sell was 21 days on market.

 

Frequently Asked Questions
If you are thinking of selling and want to know what your home could sell for in today's Omaha Real Estate Market, use this Instant Home Valuation Estimate or call 402-880-9027. We serve Omaha, Bellevue, Papillion, Elkhorn, Bennington, La Vista, Ralston, Plattsmouth, Blair, Fort Calhoun, Waterloo, Valley and Fremont and if you are moving outside the area, have network partners across the nation who really care about their clients and will work tirelessly on your behalf.

Omaha Housing Market Slowing Down

Average and Median Home Sale Prices for Single Family Homes from August 2016 through August 2017
Average and Median Home Sale Prices for Single Family Homes from August 2016 through August 2017
 The Average Sales Price of single family homes in Omaha dropped significantly over the previous month and is still above June 2017’s Average Sales Price. Home prices are at the fourth highest average for the past year and is a little bit above the average for January 2017.

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Average Sales Price by Number of Bedrooms for Single Family Homes

Average Sales Price by Bedroom for Single Family Homes in Omaha Nebraska for August 2017

2 Bedrooms or Less $133,693
3 Bedrooms $177,157
4 or more Bedrooms $598,590

A Look At The Condo & Town Home Market

275 Condos/Townhomes were listed for sale in the month of August. 11% of these homes were rejected by the market.

Average List Price $196,411
Average Sales Price $190,862
Average Days On Market (DOM) 38
# of Condo & Townhomes that DID NOT sell – 29

Distressed Housing Market Trends in Omaha Nebraska

Twenty one distressed properties were offered for sale this month that were bank owned homes, either in foreclosure or short sale homes for sale.  A total of 5 homes closed in the month of August and 3 homes did not sell and were removed from the market.

Avg List Price $53,560
Avg Sold Price $51,700
Avg Days on Market (DOM) for Sold Distressed Properties 46

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What Does This Data Mean?

Monthly Market Stats for August 2017

 

In 2016, a total of 14,117 properties were sold in the Omaha area and five of the eight months in 2017 the number of sold homes did NOT surpass the previous year.  With the current sales trend, it looks like fewer homes will sell in 2017 than 2016.

Inventory of homes for sale has been low in 2017 and we currently have 4% fewer homes for sale than this time last year.  Pending homes is now 9% less than a year ago which tells us the market is slowing.  This shortage of homes on the market is driving prices up and while it is still a seller’s market, we expect to see the market continue to slow down, which could move us to a buyer’s market.

How Can this Data Help if You Are Buying a House in Omaha?

The shortage of homes this past year have been driving home prices up.   As we move into Fall and Winter, the home shortage may continue if home seller’s take their homes off the market for the winter.

Where is the Benefit of this Data if You Are Selling a House in Omaha?

The biggest challenge facing home seller’s is finding a home to buy once their home is sold. One of the market trends this is creating is a Ghost Inventory of homes for sale – a growing list homes that “could” be coming on the market that few people know about.  We are seeing an increase in home owner’s insisting on finding a home first before their home comes on the market.  While the Omaha real estate market has slowed down since the Spring, it is still a seller’s market.  For that reason, most seller paid concessions are for first time home buyers in homes priced under $200k.

Wondering what your home might be worth? Find out here!

 

Summary
Omaha Real Estate Market Trends for August 2017
Article Name
Omaha Real Estate Market Trends for August 2017
Description
Housing Market Trends for the Omaha Nebraska and surround communities for August 2017
Author
Publisher Name
Connie Betz - Berkshire Hathaway HomeServices Ambassador Real Estate
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