Texas Is a Well-Oiled Real Estate Machine
The number of homes sold in Omaha in February is up 13 percent from 2011 levels, with the average selling price up 3 percent, to $150,346.
The median sale price in February for new residential construction — as distinct from all homes, which includes re-sales — was $249,000, compared with $236,962 in February 2011.
Beyond Omaha, Gehrki says all the local Nebraska realtor board presidents on his group’s February conference call said activity was “really good” to start the year.
“With low interest rates and employment so high in Nebraska, we’re experiencing a full-blown recovery," he says
The Dakotas have the benefit of both agriculture — many crop prices have been at multi-year highs — and more energy production than in Nebraska. The result has been ultra-low unemployment rates and sustained support for housing prices.
Jill Beck, CEO of theNorth Dakota Association of Realtors, says pricing and activity in her state closely tracks the energy industry, which is more prevalent in the western portions of the state.
The statewide median house price jumped from $144,000 for all of 2010 to $164,000 in January 2012, a jump of 13.9 percent. (Prices have risen each year since 2005, around the peak of the national market.)
“From Bismarck and Minot, west to Williston and Dickinson, you’ll see a significant increase in sales prices and a shorter time on market," says Beck.