Low Housing Inventory In Johnson County KS Leaves Home Buyers Competing For Homes

Checking The Pulse Of The Kansas City Real Estate Market

Buyers of every type have been coming out of the woodwork for much of the past year and it’s resulted in the Johnson County Kansas area having a low volume of inventory not seen in many years. This means most home sellers are sitting in a much better position than they were just a couple of years ago. Although not everyone has made back all the equity they lost in the market downturn, the real estate market has clearly stabilized in most areas of Johnson County Kansas. Most areas are actually in a seller’s market with regards to volume of inventory and were seeing many situations of multiple offers on properties — which pushes sales prices higher.

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One of the big changes from recent years is that buyers are active in virtually every segment of our local residential real estate market. More and more investors are out in force looking for flips or for properties to hold and rent out. First time home buyers are buying homes at affordable prices and move-up buyers that have been sitting the fence are finally making the move to accommodate their growing families. Some buyers who lost their homes previously have improved their credit scores enough to purchase a home. We’re also seeing more relocation calls than we’ve seen in many years.

All of this has created a seller’s market in regards to volume of inventory and, in many cases, a stabilized market in regards to home prices. If the volume of inventory remains down and demand remains strong, rising home values is the next logical step. I’m expecting that more homes listings will hit the market as more seller’s realize the opportunity in the current market and we’ll see how that, along with the typical rush of spring listings, affects the market in the next few months.


Posted by Jason Brown

Prairie Village Kansas Real Estate Update – November 2010

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

After calculating the absorption rate over the past 15 days in Prairie Village, we can determine there’s currently 12.1 months of inventory on the market. This is high and clearly represents a buyer’s market in the city of Prairie Village. If we were to use the 18 homes that went under contract the past 15 days (assuming they all will close), the months of inventory would re-calculate to 5.4 months. That would be considered a stable real estate market and home sellers are hoping the current rate of homes going under contract continues into the fall.

Type

#

Average $

Avg DOM

Listings Past 15 Days

19 $241,784

Total Active Listings

194

Newest Contracts Written

18 $236,192 87

Newest Sold (Closed)

8 $206,125 63

* 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.

If your real estate goals involve buying or selling a home in the Prairie Village or surrounding area, please contact me for assistance. We look forward to guiding you through the process and in representing your best interests. Please let us know whenever you need more specific market statistics or stats on a specific area within Prairie Village.

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Posted by Jason A. Brown

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