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

City of Olathe Kansas Real Estate Update

Olathe KS Real Estate Market Stats <> 15 Day Review

* 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 Note the date of this post as market stats become outdated.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 and stats were pulled in the AM on 4/1/09.

In the city of Olathe 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 in Olathe KS. Using the past 15 days as a basis for figuring the absorption rate in Olathe, there is a little more than 9 months of inventory on the market.

There was a more impressive number of homes going under contract (87) and if we use the number of pending sales as the basis for figuring the absorption rate then the months of inventory is a little under 6 months. That’s the best figure I’ve seen in a while so hopefully all the homes make it to the closing table. It should be noted that the average list price of those homes that went under contract was around $194,000 while the average list price of the 144 new listings was around $275,000. That’s quite a difference.

Keep in mind that a 15-day period is a small sampling of Olathe Kansas 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.

Posted by Jason A. Brown

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