Checking The Pulse Of The Kansas City Real Estate Market
Real Estate Info for The City of Overland Park KS
Recent 15 Days of Overland Park Kansas Market Activity
Comparing the absorption rate over the past 15 days to the volume of inventory on the market in Overland Park Kansas, we can determine that there’s 7.4 months of inventory on the market in this city. This figure continues to creep higher each time I take a look and that’s concerning. The problem I’m seeing is that the number of foreclosures and Short Sales listings hitting the market is outpacing the demand (sales) for area homes. This is the same problem faced in all our metro cities and I find Overland Park to still be the strongest of our metro area real estate markets. But until the pace of distressed listings slows significantly, we’ll continue to be in a strong buyer’s market.
Type |
# |
Average $ |
Avg DOM |
Listings Past 15 Days |
171 | $280,869 |
– |
Total Active Listings |
1,211 |
– |
– |
Newest Contracts Written |
89 | $257,812 | 102 |
Newest Sold (Closed) |
82 | $227,469 | 98 |
* The Average $ of Newest Contracts 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 results. Stats may not be an exact 15 days from date of this post. DOM = Days On Market.
The first thing I see when looking at the chart above is that there were double the number of homes coming on the market (171) as were sold (82). In the past there’s been promise with the number of homes going under contract easily outpacing the number of homes sold (closed). But over the past 15 days, the number of homes going under contract (89) is only slightly ahead of the number of home that were sold (82). When you consider that past stats indicate it’s a virtual impossibility that all the homes under contract (Pending, Show For Backup Offers and Contingent) will close, we could see an even more challenging market for Overland Park home sellers the next time we take a look.
Keep in mind that the sales rate doesn’t necessarily have to go up for there to be an improvement. If the number of homes on the market were to drop significantly, it could have an even more dramatic net effect on the months of inventory in Overland Park than simply a rise in the sale’s rate. We’ll continue monitoring the real estate picture in Overland Park and if you’re considering buying or selling an area home, we’ll get you the market stats specific to the community you’re looking to buy or sell a home.
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Posted by Jason A. Brown