Checking The Pulse Of The Kansas City Real Estate Market
The common three Kansas City MLS statuses for homes we see are Active, Pending and Sold. But there’s a ton of other MLS statuses that may be seen on a particular listing. Another common one is Expired listings – homes that never closed and the listing agreement between the Seller and Broker has run its course. Taking a look at the number of Expired listings in Johnson County Kansas over the past 30 days shows us that 191 home listings expired. For comparison purposes, over the same 30 day period, there were 861 homes Sold in Johnson County.
191 homes are a lot of Expired listings in the county and the numbers become more eye-opening when you take a closer look. Expired listings aren’t the only way (other than selling) that a home comes off of the MLS. A listing can also be Withdrawn by the agent from Active status or Canceled and removed from Active status. I won’t spend much time going over Withdrawn listings because these listings (after being removed from Active status) will eventually run their course, reach the initially entered listing expiration date and then automatically switch to Expired status at that point. Moving along, it’s the Canceled listings that I want to go over because they need discussed side-by-side with our area’s Expired listings.
A Canceled listing is much the same as an Expired listing and the main difference is the seller and/or the agent have given up selling the home before the listing reached its scheduled listing expiration date. For this reason, we should add the Canceled listings together with the Expired listings and take a look at the total number of homes that were rejected by area home buyers. Looking at Johnson County Kansas again, there were 314 Canceled listings over the last 30 days. That’s very interesting because it’s even MORE than the 191 Expired listings over the same 30-day period.
As a reference point there’s approximately 4,000 Active listings in Johnson County Kansas. Pulling all of the other information above together, over the past 30 days there were 861 homes Sold and there were 505 homes that did not sell (Expired or Canceled). This means that about 21% of the area listings Sold and 12% went off the market. It’s certainly a sign of our current real estate market that the percentage of homes not selling is in the double digits and remotely comparable to the number of homes Sold.
Posted by Jason A. Brown