Leawood Kansas Real Estate Update – March 2011

Checking The Pulse Of The Kansas City Real Estate Market
Real Estate Info for The City of Leawood Kansas
Recent
15 Days of Leawood KS Market Activity

After calculating the absorption rate during the past 15 days in Leawood Kansas, I find there’s currently 21 months of inventory on the market. This is the highest I’ve seen at any point of checking the market stats in the past several years. Having just 7 closings in the entire city over a 15-day period is making it very difficult for Leawood home sellers. Of course, it’s a great time to buy a home in Leawood and you should get in contact with a Leawood buyer’s agent to discuss the great deals and motivated home sellers that are present in our current market.

Type

#

Average $

Avg DOM

Listings Past 15 Days

44 $545,699

Total Active Listings

298

Newest Contracts Written

18 $571,200 305

Newest Sold (Closed)

7 $394,429 163

* The Average $ of Newest Contracts considers the price the homes were listed at when they went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in any category can skew results. Stats may not be an exact 15 days from date of this post. DOM = Days On Market.

The sales rate is going to have to pick up drastically to eat into nearly 300 homes for sale in Leawood. The average sales price over the 15-day period was just under $400,000 while the average price of the new listings coming on the market was nearly $550,000. It’s important that Leawood home buyers and sellers connect with a great listing agent or buyer’s agent who can explain the current market conditions and who works diligently to take of the client. If selling or buying a home in Leawood is in your future, please contact me to discuss your real estate goals in detail.

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Leawood Kansas

Leawood Kansas

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List Of Many Leawood Kansas Homeowner’s Associations
Posted by Jason A. Brown

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Kansas City Mortgage Interest Rates Fall For Third Straight Week

Checking The Pulse Of The Kansas City Real Estate Market

Mortgage rates were inching higher around the new year but we’ve seen them in a downward trend recently and have actually seen rates drop for a third consecutive week. This is an amazing benefit to buying in today’s real estate market and it’s likely 20 years from now we’ll look back in amazement on the interests rates some of us were able to secure. If you’re considering buying a home, the average national 30-year fixed interest is hovering around 4.75%. Most experts believe interest rates will hold steady for at least the next few weeks.

This week I’ve received notifications from Bank of America advertising 30-year fixed rates at 4.625% and from Wells Fargo advertising 4.875%. Mortgage rates with most lenders change daily and some even update their quoted rates twice a day. So take any interest rate quote you see with a grain of salt because they probably will have changed – possibly up or down – by the time you contact the lender. When buying a home, contact your lender and lock in your rate. If you have a contract, you can lock in the current interest rate for free. If you’re just starting the Kansas City home buying process, you can often pay around $150 to lock in the current interest rate for 60 days. Once you’ve locked in your interest rate, it doesn’t matter if interest goes up during the lock period, because your rate is guaranteed.

Posted by Jason A. Brown

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Parkhill Manor Community Market Stats ~ Parkhill Manor Homes in Olathe KS

Checking The Pulse Of The Kansas City Real Estate Market
Parkhill Manor Real Estate Market Stats
Parkhill Manor Is A Subdivision In Olathe Kansas

Looking over the Parkhill Manor market statistics dating back a year to March 2010, 18 homes were put on the market and 15 homes were sold over the same year period. The average sales price in Parkhill Manor was $221,060 and the subdivision saw sales prices that ranged from $199,000 to $261,500.

Comparing the 6 Active listings in Parkhill Manor to the 12-month sales rate in the community, there’s 4.8 months of inventory currently on the market. This is good in our current real estate market and represents a stable amount of inventory in the subdivision. The average current list price of $214,625 is below the average sales price the past year in the community. Parkhill Manor is a popular Olathe Kansas subdivision and located near parks, shopping and dining amenities in Olathe.

Parkhill Manor In Olathe Kansas

Parkhill Manor is located in southeast Olathe Kansas and is served by the Olathe School District. There’s approximately 224 homes in Parkhill Manor and many of the homes in the community were built from 1998 to 2001. Please contact me if you are considering buying or selling a home in Parkhill Manor or in the surrounding Olathe Kansas area.

Parkhill Manor Median Sales Prices In Recent Years

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Posted by Jason A. Brown

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Keller Williams Passes Century 21 To Become Second Largest U.S. Real Estate Company

Checking The Pulse Of The Kansas City Real Estate Market

Just two years after passing Re/Max for the #3 spot, Keller Williams Realty has ascended to the #2 largest real estate company in the nation by passing Century 21. There’s several ways to rank real estate agencies but Keller Williams ascent by number of agents within the company is amazing for a company that bases its success on the agents who do the business, rather than on the company itself. It’s true that many real estate agents in the Kansas City area are bound by strict company guidelines at a time when Keller Williams Realty gives their agents the flexibility to market themselves as individuals and set service levels that fit each agent’s personality.


More than any other brokerage I know, I believe it’s fair to say that no two Keller Williams agents are alike.  My best friends in my office are successful at what they do but some have vastly different approaches to selling real estate. And that’s what makes the world go around. So be sure you interview your next listing agent or buyer’s by asking questions about the individual agent… because in today’s real estate market, it’s the individual agent that’s going to determine your success or failure and the broker is in more of a supporting role than ever before. Keller Williams International recently announced plans to go global and I have no doubt that the Keller Williams business approach and philosophy will be a success around the world.

Posted by Jason A. Brown

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Quail Valley Community Market Stats ~ Quail Valley Homes In Overland Park KS

Checking The Pulse Of The Kansas City Real Estate Market
Quail Valley Real Estate Market Stats
Quail Valley Is A Subdivision In Overland Park Kansas

Looking over the Quail Valley market statistics dating back a year to March 2010, 12 homes were put on the market and 10 homes were sold over the same year period. The average sales price in Quail Valley was $253,145 and the subdivision saw a price range variance of $226,000 to $271,950.

Comparing the 3 Active listings in Quail Valley to the 12-month sales rate in the community, there’s 3.6 months of inventory currently on the market. This is excellent, especially in our current real estate market. In fact, this amount of inventory makes it a seller’s market in Quail Valley. The average current list price of $281,300 is quite a bit higher than the average sales price but the strong sales rate in the area makes this community one for home buyers to closely watch. Quail Valley is a popular Overland Park Kansas subdivision and located near parks, shopping and dining amenities and near access to I-435 Highway in Overland Park.

Quail Valley In Overland Park Kansas

 Quail Valley is located in Overland Park Kansas and is served by the Blue Valley School District. There’s approximately 293 homes in Quail Valley and many of the homes in the community were built from 1979 through 1989. If you’re considering selling or buying a home in Quail Valley, contact us for expert listing or buyer’s agent representation.

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Posted by Jason A. Brown

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Olathe Kansas Real Estate Update – March 2011

Checking The Pulse Of The Kansas City Real Estate Market
Real Estate Info for The City of Olathe Kansas
Recent
15 Days of Olathe KS Market Activity

After using the past 15 days of sales stats to calculate the absorption rate in Olathe KS we find there’s 8.1 months of inventory on the market. This is high but not too bad given we’re just now starting to see warmer temperatures and more home buyers scheduling showings. Also, the 101 homes that went under contract is a huge number and if we were to assume all those would close and use that figure to calculate the absorption rate, there would be closer to 4 months of inventory. That amount of inventory would actually jump from a buyer’s market to a mild seller’s market in that case.

Type

#

Average $

Avg DOM

Listings Past 15 Days

147 $246,083

Total Active Listings

881

Newest Contracts Written

101 $210,459 172

Newest Sold (Closed)

54 $210,241 192

* The Average $ of Newest Contracts considers the price the homes were listed at when they went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in any category can skew results. Stats may not be an exact 15 days from date of this post. DOM = Days On Market.

Months of inventory only considers inventory volume and doesn’t give consideration to actual sales prices. It’s concerning that the average home seller who listed the past 15 days hopes their home is worth around $246,000, while the average sales price was near $210,000. That’s quite a difference to say the least.

If your real estate goals involve buying or selling a home in  Olathe, we look forward to assisting you with your home purchase or sale. Our listing representation is top-notch and we have buyer’s agents who work the entire Olathe area and can represent your best interest throughout the home buying process. Please let us know whenever you have any questions about buying or selling an Olathe Kansas home.

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Olathe Kansas

Olathe Kansas

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Posted by Jason A. Brown

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90% Of Kansas City Home Buyers Will First View Online The Home They Purchase

Checking The Pulse Of The Kansas City Real Estate Market

In today’s buyer’s market, Kansas City home sellers need to be sure they hire a listing agent who’s up on current real estate trends and prepared to market a home in the places buyers are looking. If you’ve interviewed a Kansas City listing agent recently and the Realtor told you that open houses are going to be a prime basis for getting your home sold, that’s a farce. Open houses sell between 1 to 2 percent of homes and agents who are doing them are looking to turn the tire kickers into buyers many months down the road. That’s just the reality of open houses.


My group’s marketing plan is extremely thorough and goes far beyond the traditional marketing methods most home sellers have come to expect. We know that 90% of Kansas City home buyers will first view online the home they end up purchasing. Many agents have started putting their listings in a few prominent places, but we put our listings in ALL of the prominent places. I tell sellers to check a few weeks after we have their homes listed and let me know if they see anywhere important that we don’t have their home listing. I can go months without hearing any suggestions from home sellers and that reinforces that we’re marketing our listings well.

Whenever a home seller does have a suggestion, we thoroughly review it and make a decision on either adding it to our marketing plan or explaining why it’s not worth the investment. One of the reasons we’re so organized is because we have one marketing plan for our homes. We don’t blow in the wind and do ineffective print advertising when the occasional seller asks about it. Every moment and dollar that we’d spend on such things would take resources away from doing the things that truly get homes sold in today’s real estate market. This means that we provide the same marketing plan whether the home is a $100,000 home or a million dollar home. So the next time you speak with a listing agent be sure the agent isn’t basing their marketing plan on ineffective marketing methods like open houses, print advertising and relying on the MLS as the only real tool for getting your home sold.

Posted by Jason A. Brown

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Parkhurst Community Market Stats ~ Parkhurst Homes In Lenexa KS

Checking The Pulse Of The Kansas City Real Estate Market
Parkhurst Real Estate Market Stats
Parkhurst Including Highland Pointe, The Estates And Stonecreek

Looking over the Parkhurst market statistics dating back a year to March 2010, 21 homes were put on the market and 13 homes were sold over the same year period. The average sales price in Highland Pointe of Parkhurst was $260,000. The average sales price in The Estates Of Parkhurst was $355,557. The average sales price in Stonecreek Of Parkhurst was $296,600. Overall, the subdivision saw a price range variance of $260,000 to $418,900.

Comparing the 10 Active listings in Parkhurst to the 12-month sales rate in the community, there’s 9.2 months of inventory currently on the market. This volume of inventory is high but not unusual in our current real estate market. The average current list price of $383,860 is higher than the average sales price ($325,531) the past year in the community. Parkhurst is a popular Lenexa Kansas subdivision and located near parks, shopping and dining amenities and near access to I-435 and I-35 highways in Lenexa.

Lenexa Kansas

Parkhurst is located in Lenexa Kansas and is served by the Shawnee Mission School District. There’s approximately 337 homes in Parkhurst and many of the homes in the community were built from 1999 through 2005. If you’re considering the purchase or sale of a home in the Parkhurst area, please contact me. I look forward to discussing your situation in detail and how we can help you achieve your real estate goals.

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Posted by Jason A. Brown

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Good News, Bad News: Kansas Home Sales Rise 5% But Sale Prices Fall 8%

Checking The Pulse Of The Kansas City Real Estate Market

My Kansas Association of Realtors (KAR) report on January’s real estate market indicates the volume of home sales is picking up steam. Overall in the state of Kansas, home sales (closings) rose 5.6% in January 2011 compared with January of 2010. This is impressive when you consider that 2009’s figure was inflated by the home buyer tax credit. This market improvement outpaced the national market improvement of 5.3% and these figures are promising both locally and nationally.

There’s still too many homes on the market however, leaving 13.3 months of inventory in the state of Kansas. The months of inventory was calculated using the number of January home sales and dividing that figure into the 17,805 listings that were for sale at the end of January. With still too much supply for demand, homes sellers saw their average sales prices fall from around $160,000 in January 2010 to around $147,000 January of this year. That’s a significant 8% fall in home prices across the state.

Looking closely at our local market in Johnson County Kansas, 321 homes were sold (closed) in January. This was virtually unchanged from the 328 home sales in Johnson County in January 2010. Comparing this January’s sales rate to the amount of inventory currently on the market, we find there’s 11.1 months of inventory available. This amount of inventory indicates a clear buyer’s real estate market in Johnson County Kansas and anyone in the market to make a move should contact us to see some of the great Johnson County Kansas homes for sale.

Posted by Jason A. Brown

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