Overland Park Kansas Real Estate Market Update – November 2013 Update

Checking The Pulse Of The Kansas City Real Estate Market

Overland Park Kansas Real Estate Update
Recent Real Estate Market Activity In Overland Park KS

Using the 72 homes sold (closed) in Overland Park the past 15 days to calculate the absorption rate in the city, we find there’s currently 3.9 months of inventory on the market. This amount of inventory indicates a seller’s real estate market in the city of Overland Park. The average new listing the past 15 days came on the market around $256,000, while the average sales price during the same time period was around $297,000.

Type # Average $ Avg DOM
Listings Past 15 Days 102 $255,578
Total Active Listings 571
Newest Contracts Written 102 $252,955 61
Sold (closed) Past 15 Days 72 $297,134 70

* The Average $ of Newest Contracts Written considers the list price when the homes went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in a category can skew results. Stats cover approximately 15 days from post date. DOM = Days On Market.

The last 72 homes sold in Overland Park were on the market an average of 70 days, while the last 102 homes to go under contract did so in an even quicker 61 days on average. We can assist you with buying or selling a home in Overland Park, so please contact us with any questions you have about Overland Park Real Estate. You can find detailed real estate information on our site regarding selling an Overland Park Kansas home and buying an Overland Park Kansas home.

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Posted by Jason Brown

 

Overland Park Kansas Real Estate Market Update – April 2013 Update

Checking The Pulse Of The Kansas City Real Estate Market

Overland Park Kansas Real Estate Update
Recent Real Estate Market Activity In Overland Park KS

Looking at the past 15 days of real estate sales activity in the city of Overland Park Kansas and comparing it to the current volume of homes for sale in the city, we find there’s 4.8 months of inventory on the market. This amount of inventory indicates a balanced real estate market in the city of Overland Park. Be sure to note the incredible 191 homes that went under contract the past 15 days. If anything close to that rate continues, this spring will end up being outstanding one for Overland Park home sellers.

Type # Average $ Avg DOM
Listings Past 15 Days 239 $281,248
Total Active Listings 572
Newest Contracts Written 191 $282,358 65
Sold (closed) Past 15 Days 59 $253,911 100

* The Average $ of Newest Contracts Written considers the list price when the homes went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in a category can skew results. Stats cover approximately 15 days from post date. DOM = Days On Market.

The average new listing the past 15 days came on the market around $281,000, while the average sales price over the same period was nearly $254,000. We can assist you with buying or selling a home in Overland Park, so please contact us with the details of your home purchase or sale. You can also find details here regarding selling an Overland Park Kansas home and buying an Overland Park Kansas home.

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Lowering Of Conventional Loan Limits Should Have Minimal Effect On Kansas City Real Estate Market

Checking The Pulse Of The Kansas City Real Estate Market

Fannie Mae is planning to be less involved in future upper bracket home purchases. Currently, most counties across the U.S., including all of our Kansas City metro counties, have a $417,000 maximum loan amount that Fannie Mae will back. This means if you need a $450,000 loan, you don’t qualify for a conventional loan backed by Fannie Mae and will need to search for a lender willing to deal with this price range loan. That would likely mean higher loan costs, a higher interest rate, etc. Since it doesn’t appear there will be any change to the $417,000 level, it appears our Kansas City real estate market is mostly insulated from the coming changes.

More expensive real estate markets across the country are sure to be effected however. During the mortgage lending crises of the past several years, Fannie Mae stepped in raising the maximum price on loans it would back. This was designed to help stabilize counties with the most fragile and expensive real estate markets (i.e. few lenders around who were willing to make loans on the homes). But now Fannie Mae is reeling things back in by lowering limits back closer to the lowest $417,000 figure. 

While Kansas City appears mostly insulated from these changes, any adverse affect on our delicate national real estate market threatens to have a trickle down effect.  With some reports indicating that national home prices have fallen back to 2002 levels, let’s hope the effects of these changes are minimal here in Kansas City, Johnson County Kansas, Overland Park and the surrounding areas.


Posted by Jason Brown

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Overland Park Kansas Real Estate Update – January 2011

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

After calculating the absorption rate over the past 15 days in Overland Park Kansas, I find there’s currently 16.5 months of inventory on the market. This is very high but not surprising given that many homes closing right now would have gone under contract during the holidays. The number of homes that went under contract was more than double the number of homes that sold over the same 15-day period, giving more hope that things will improve in the coming weeks.

Type

#

Average $

Avg DOM

Listings Past 15 Days

105 $293,358

Total Active Listings

957

Newest Contracts Written

64 $264,901 134

Newest Sold (Closed)

29 $263,104 164

* 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 we assume that all of the homes that went under contract the past 15 days will end up closing (and use that figure to calculate the absorption rate), the result is 7.5 months of inventory on the market. Still high, but much improved over the sold figure used to calculate the absorption rate. If you’re planning to sell an Overland Park area home or move within or into the area, please contact me for assistance. I look forward to learning about your real estate goals and guiding you through your home purchase or home sale.

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Posted by Jason A. Brown

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