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Real estate market remains hot from COVID-19

Published: Mar. 8, 2021 at 10:02 PM CST
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LINCOLN, Neb. (KOLN) - Usually nicer weather and impending spring means the real estate market is getting ready to pick back up. But some experts said in most cases it’s already busy, and activity will likely just continue to climb.

“In the last three weeks the average days on market for a listing is four,” said Kalyssa Duncan, lead buyers agent for Integrity Lincoln Keller Williams Elite.

Duncan said Lincoln’s housing market is certainly for the seller.

“I have a great couple I’ve been working with,” said Duncan. “We’ve been through countless houses, we’ve put offers on five different properties and on every single property we were competing with at least three other offers, sometimes up to double digits. I think the highest one was 12 offers on the property.”

According to Zillow, Lincoln home values have gone up 10.2% over the past year. That’s higher than Omaha’s at 8.4% and the national average of 9.1%. In fact, Lincoln’s data from January 2020 to January 2021 is the second highest yearly increase since records started being kept -second to only April 2013.

“With coronavirus there was a pent up demand, so we haven’t seen a slow down at all,” said Duncan.

Naifma Realty released their market report for the second half of 2020. It breaks down commercial real estate into three categories: Office, retail and industrial.

“If we’re talking a downtown office building - buyers don’t want to take that right now,” said Jared Froehlich, Naifma Realty. “But if were talking about a south Lincoln industrial building, that’s a sellers market because people are going to pay a lot of money for that kind of property.”

Froehlich said despite commercial markets taking hard hits across the country, Lincoln’s economy and interest in those spaces have kept it not great, but at least steady.

“Feels like ever since January I’ve done a lot more showings of people wanting to be out and about and kind of have a higher level of confidence just in the commercial real estate market, particularly office.”

Froehlich said that commercial real estate doesn’t run on that same seasonal schedule as residential usually does, but that the factors are in place for them to seemingly line up this spring.

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