Tag Archives: Overland Park Homes For Sale

Overland Park Kansas Real Estate Update – January 2011

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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

After calculating the absorption rate over the past 15 days in Overland Park Kansas, I find there’s currently 16.5 months of inventory on the market. This is very high but not surprising given that many homes closing right now would have gone under contract during the holidays. The number of homes that went under contract was more than double the number of homes that sold over the same 15-day period, giving more hope that things will improve in the coming weeks.

Type

#

Average $

Avg DOM

Listings Past 15 Days

 105 $293,358

–

Total Active Listings

 957

–

–

Newest Contracts Written

 64 $264,901 134

Newest Sold (Closed)

 29 $263,104 164

* 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.

If we assume that all of the homes that went under contract the past 15 days will end up closing (and use that figure to calculate the absorption rate), the result is 7.5 months of inventory on the market. Still high, but much improved over the sold figure used to calculate the absorption rate. If you’re planning to sell an Overland Park area home or move within or into the area, please contact me for assistance. I look forward to learning about your real estate goals and guiding you through your home purchase or home sale.

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Posted by Jason A. Brown

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Months Of Kansas City Real Estate Inventory Broken Down By Price Range

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Checking The Pulse Of The Kansas City Real Estate Market

As a tumultuous 2009 comes to a close,  it’s time to analyze our local market stats from a little different perspective. Rather than looking at a specific city or micro-analyzing a particular subdivision, below we take a look at the Kansas City metro market as a whole and break things down by price range.  The following includes single family properties only and uses an absorption rate calculated using the average monthly sale’s rate over the past 6 months in each price range…

Price Range Active Listings Months of Inventory
Under $50,000 1,382 6.8
$50 to $100 2,819 10.0
$100 to $150 3,274 10.5
$150 to $200 2,696 8.8
$200’s 2,315 7.6
$300’s 989 8.8
$400’s 445 8.4
Over $500,000 872 16.8


Other than upper bracket homes, there’s a high volume of inventory in the $50,000 to $150,000 range. Since months of inventory factors in the sales rate within the price range, the high numbers in these price ranges can’t simply be chalked up to there being more homes in the particular price range. There’s simply a lot of homes on the market for the buyer demand that’s out there for this price range of home.

The $200’s price range  is the most stable price range in the metro area, with 7.6 months of inventory currently on the market. If you’re a buyer looking for a home over $500,000, you should be pleased when you see what your money can buy you in today’s real estate market.  Certainly, with more than 16 months of inventory on the market in the upper bracket price ranges, you’ll find some motivated sellers.


Posted by Jason A. Brown

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7 Reasons Why Now Is A Great Time To Buy A Home In Johnson County Kansas

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Checking The Pulse Of The Kansas City Real Estate Market

Once a “looker” makes the decision to become a “buyer”, I enjoy guiding them through the process and working to make the experience as enjoyable, predictable and profitable as possible. But simply making the decision to start the process paralyzes many home buyers and leaves them on the fence. It’s understandable that a down market can do that. But if you’re one of the “lookers” out there questioning whether the time is right to buy a home in Johnson County Kansas, I encourage you to consider the following seven factors.

The first factor to consider is that home affordability in Johnson County Kansas  is higher than it’s been in more than 30 years. The second factor to consider is that mortgage rates have dropped a full percent, which means you can afford a home worth $25,000 more than you could afford a year ago. A third factor is the multiple reports circulating that home prices have stabilized nationally and in most areas have begun to increase. A fourth factor to consider is the huge motivation Johnson County home sellers are faced with due to the unprecedented volume of homes currently for sale.

The fifth factor to consider is financing is readily available for buyers with a 5% down payment and a 640+ credit score.  The sixth reason for buying a Johnson County Kansas home this fall is because mortgage payments compared to average rentals rates have become more favorable towards owning than they’ve been in nearly a quarter century. The seventh reason to buy a home is because, well, it’s your home. There’s nothing like the pride of homeownership. Though most homeowners will complain about having to mow the lawn, once the job is done nearly every one of them stops to look back with pride at the lawn they own. Check out the full 10 page report by clicking the image above.


Posted by Jason A. Brown

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Overland Park Kansas Real Estate Update * 15-days Of Overland Park KS Market Stats

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

City of Overland Park Kansas Real Estate Update <> 15-day Glance:

Overland Park KS Real Estate Market Stats

Type

#

Average $

DOM

Newest Listings

57

$346,967

–

View These Listings

Total Active Listings

948

–

–

–

Newest Pending

22

$299,803*

105

View These Pendings

Recently Sold (Closed)

31

$251,306

72

View These Solds

* 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: All information is 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. Note the date of the post as any market stats quickly become outdated. Depending on when the stats were pulled the stats may not be an exact 15 days.
 

In the city of Overland Park Kansas there continues to be more homes coming on the market (57) than homes going under contract (22 new pending) or than homes being sold (31 closed). This creates a further surplus of supply in Overland Park. Using the past 15 days as a basis for figuring the absorption rate in Overland Park, there is just over 15 months of inventory on the market.  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. A 15-day period doesn’t necessarily show a real estate markets long-term trend. Also note that January is a typically slow time of year for sales. We’ll check back later this winter to see how things are looking.

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Posted by Jason A. Brown

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