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

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

Shawnee KS Real Estate Market Stats

* Average Newest Under Contract 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 Note the date of this post as market stats become outdated.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 7 AM on 2/17/09.

In the city of Shawnee Kansas 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 of homes in Shawnee. Using the past 15 days of sales as a basis for figuring the absorption rate in Shawnee KS, there’s more than 2 years of inventory on the market. If we use the Pending sales as the basis for calculating the absorption rate, the numbers look better and there is less than 8 months of inventory. Keep in mind that 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. The fact that the pending sales have picked up is a good sign and if most of them make it to the closing table then that certainly will be promising. Note that the average sales price was about $208,000 and the average listed price of the homes that went under contract was around $224,000. Both figures are lower than the average list price of the new listings we saw, which was around $250,000.

Posted by Jason A. Brown

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