January Home Sales

Contracts written on properties in the Omaha Real Estate Market in January were up 20.7% from December of 2009. Closed sales were down 36.7%. Obviously many home buyers wanted to close on their homes before the holidays and others needed to close in November to take advantage of the last round of tax credits.

Most sales take 45 to 60 days to close.

Weather has also played a factor for the last several months,  although anytime we get favorable conditions, the buyers seem to come out. There should be some pent up buyer demand as the weather moderates. Home buyers that want to take advantage of the latest round of tax cuts need to have an accepted sales contract by the end of April which should also help spur demand.

Below are the January housing stats and how they compare to a year ago.

Jan 2010

For Sale 4644            -3.9%
Sold 356                         -12.7%
Pended 582                 - 5.9%

For Sale  4644
New Listings 1531
Sold 356
Pended 582
Months of Inventory based on Closed Sales 13 months
Months of Inventory based on Pended Sales 8 months
Avg. Active Price $207,000
Avg. Sold Price $165,000
Avg. Sq. Ft. Price $80 per sq. ft.
Sold/List Diff. % 96%
Days on Market 72 Days
Median Price $138,000

Fannie Mae Incentives

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is looking to clear out some of their foreclosure inventory by offering a couple of incentives to home buyers. Fannie Mae is offering a 3.5% incentive for home buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded

Click here if you would like to search Fannie Mae foreclosures.