Hands On The Heartland
Checking The Pulse Of The Kansas City Real Estate Market

City of Lenexa Kansas Real Estate Update <> 15-day Glance:

Lenexa KS Real Estate Market Stats

* Average Newest Pending 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 a particular category. DOM is Days On Market. Note the date of this post as market stats become outdated. Stats may not be an exact 15 days. Stats were pulled at 9 AM on 1/27/09. 

In the city of Lenexa KS there continues to be more homes coming on the market than homes going under contract (pending) or than homes being sold (closed). This creates a further surplus of supply in Lenexa Kansas. Using the past 15 days as a basis for figuring the absorption rate in Lenexa, there is just shy of 4 years of inventory on the market. There simply needs to be more than four sales in a 15-day period to get the months of inventory down. Of course a 15-day period is a small sampling of market activity designed to look at the what’s going on now in the current real estate market. 

While a 15-day period could indicate a trend it does not necessarily show a real estate markets long-term trend. For instance, if we use the sales over the past 60 days (rather than the past 15 days), It calculates to about 16 months of inventory on the market in Lenexa. Much better numbers, yet still too high, and hopefully the spring market will work off a bunch of the listing inventory.

Posted by Jason A. Brown

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