Grand Island’s real estate market is alive and well and doing much better than most markets around the country.
According to the Grand Island MLS system, among residential properties with a Grand Island address there has been a steady increase in average selling price since 2000. In 2000 the average selling price was $90,202, and in 2008 it was $116,101. That works up to an average increase of about 2.5 percent per year.
One of the reasons the Grand Island market is in good condition is that we didn’t see the unrealistic appreciation that some areas saw. We have, however, seen a decrease in the number of homes sold since the high of 799 in 2005.
In 2008 there were 595 homes sold in Grand Island, but we lost a large portion of our Spring market due to the flooding. I believe we lost at least 60 days of marketing. If you figure 50 homes a month sell on average, I feel we would have sold around 700 homes if we had a normal Spring.
Another factor that needs to be addressed is the active listings. Presently there are 238 homes for sale in Grand Island. Last year at this time we had more than 270. That is a 15 percent decrease in active listings, which should help keep the average selling prices up. Reduced inventory, along with the low interest rates and tax credit for first-time buyers, the Grand Island market should be very good for the foreseeable future.