If you list it, they will come.
That could be the mantra for the Lincoln real estate market right now, as the few houses going on the market tend to sell quickly and for relatively good prices.
According to figures released by the Realtors Association of Lincoln, home sales were up more than 4 percent in the first half of the year compared with the same period a year ago.
Prices also continue to rise, with the median price up slightly, from $130,000 in the first half of 2013 to $131,000 in the first half of this year.
“The increase in the median sale price along with a 5.7 percent increase in the number of existing homes sold both point to a solid real estate market,” said Nicole Jensen, executive vice president of the Realtors Association of Lincoln.
Sales of new homes fell slightly, from 286 in the first six months of 2013 to 274 in the first six months of this year.
Those numbers represent only new homes sold by an agent or entered into the Multiple Listing Service. Mike Benker, executive vice president of the Home Builders Association, said many new homes are sold directly from builder to purchaser, and he said those sales are strong.
The number of local building permits also continues to increase over last year, up about 15 percent through May, the most recent month available.
The only problem the market seems to have right now is finding enough homes for sale.
The number of homes listed for sale through the local MLS stood at 1,150 at the end of June, up slightly from the 1,121 for sale at the end of March but 205 fewer than were for sale at the same time last year.
Wendy Francis, an associate broker at Woods Bros. Realty, said she hasn’t seen a market like this, with such strong sales and so few homes for sale, since the turn of the century.
“New listings we do get go very quickly on day one or day two, often with multiple offers,” Francis said. “If it’s priced right and it’s in great shape, it goes fast.”
That’s making it difficult for some buyers to find a house.
Melissa Townsend and her husband, who are working with Francis, have been looking for about a month and a half and have not yet found a home that meets their needs.
Townsend said she suspects a lot of that has to do with the fact that they have very specific needs and aren’t willing to compromise on those. But she also thinks they might have an easier time finding something if there were more to choose from.
Townsend also said the fact that they aren’t being very aggressive about seeing houses means they are probably missing opportunities.
“We may be losing out on things because we’re not moving fast enough,” she said.
That’s definitely a catch-22 for buyers, Francis said. By waiting to find the perfect home, they may miss out on opportunities.
Jensen said that with the low number of homes on the market, “the takeaway here is to be prepared to make an offer if you see ‘the one’ come on the market.”