* The average price of the Newest Pending is the list price of the home when it went under contract – actual contract and/or sales price unknown until post-closing reporting. Notes: Information pulled from Heartland MLS and deemed reliable but not guaranteed. If there is a low sampling of homes in any particular category, an average can be easily skewed high or low by an unusually high or low sale during the 15-day period. D.O.M. is Days On Market.Note the date of the post as market stats quickly become outdated. Depending on when the stats were pulled the stats may not be an exact 15 days. Stats pulled at 9 AM on 1/20/09.

In the city of Leawood 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. Using 5 sales every 15 days as my basis to figure the absorption rate in Leawood KS, there’s three years of inventory on the market in the city. That’s startling, so I decided to look at the past 60 days of sales to provide a broader sales rate time frame.

In the past 60 days there were 45 sales in the city of Leawood. At that rate of sales the absorption rate is closer to 16 months of inventory. Still a lot, but much better than the 15-day trend. I always point out that a 15-day period is a small sampling of market activity and 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 low number of sales in Leawood in the past 15 days is something to watch and we’ll check the stats in Leawood again next month.

Posted by Jason A. Brown

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