What a change Lincoln has been through over the past year! As with all communities where brand new homes were growing during the real estate boom years, Lincoln has seen some big price drops in the downturn. The reason, of course, is the number of foreclosures. 48 foreclosures and 19 short sales sold in the month of October in Lincoln. That makes up 55.2% and 21.8% of all sales respectively. Non-distressed sales fell by 52.1% - a total of 20 non-distressed homes sold, albeit at huge discounts. Overall sales were up by 52.8%.

Sold price per square foot fell by 23.8% - from last October’s $188.51 to this year’s $143.71 and so home buyers were able to afford a home 5.1% bigger than last year - about a hundred square feet bigger. The average home sold for 19.9% lower than last October’s high of $409,984 to $328,440.

Currently, active inventory is almost equally divided between non-distressed and distressed homes. But that could change if the 199 short sales bring prices down further. Lincoln currently has 6.4 months of inventory (based on the last 12 months of sales) and 5.5 months of inventory based on the last 6 months of sales.