Well, it’s nice to know that someone out there likes big houses! Whereas everywhere else, smaller and smaller homes are being sold, Lincoln has remained steady in its appreciation of big rambling homes. The average house selling in Lincoln is still right around 2200 square feet. But perhaps that is just the kind of home one finds here.

The rest of the news isn’t good, of course. There isn’t much good news in the real estate market lately unless you’re a buyer. Consider this: foreclosure sales have jumped 219% and short sales have jumped 180% since last November. Non-distressed sales have fallen 43.6% for the same period. 51.4% of all sales in November were foreclosures, 18.9% were short sales and a mere 29.7% were non-distressed. Which means more than two-third of all homes sold in Lincoln were distress sales.

A fact that always puts downward pressure on prices and this November was no exception. The average sold price per square foot in Lincoln has fallen 27.4% since last November from $189.08 to $137.23.  The average sales price has fallen 27.4% – hand in hand with the average sold price per square foot – from last November’s $427,736 to rest at $311,579. Median sales price has dropped 24.3% from $379,900 to $287,500 for the same period.

Inventory is at 6 months (based on the last year of sales) and 5.3 months (based on the last 6 months of sales.)