Tag Archives: Overland Park Real Estate

Overland Park Kansas Kansas Real Estate Update – October 2011

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Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Statistics On Overland Park Kansas
15 Day Glance At The Overland Park KS Real Estate Market

After calculating the absorption rate over the past 15 days in Overland Park Kansas, we find the city has 5.3 months of inventory currently on the market. This amount of inventory indicates a balanced real estate market. A nearly 200 homes a month sales pace is eating into the available inventory at a solid pace in Overland Park. It’s also quite an improvement over the 8.1 months of inventory in Overland when we checked in September.

Type # Average $ Avg DOM
Listings Past 15 Days 149 $270,142 –
Total Active Listings 1047 – –
Newest Contracts Written 82 $247,382 124
Newest Sold (Closed) 98 $226,140 139

* The Average $ of Newest Contracts Written considers the list price when the homes went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in a category can skew results. Stats cover approximately 15 days from post date. DOM = Days On Market.

The stats indicate that the homes that are selling are doing so in around 4 to 5 months. If you are making plans to buy or sell a home in Overland Park Kansas, we can guide you through the process. Here’s information on how we can assist you with selling your Overland Park home or with buying an Overland Park home. Please contact us with any questions you may have and we look forward to assisting you.

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Posted by Jason Brown

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Overland Park Kansas Kansas Real Estate Update – September 2011

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Checking The Pulse Of The Kansas City Real Estate Market

Real Estate Statistics On Overland Park Kansas
15 Day Glance At The Overland Park KS Real Estate Market

After calculating the absorption rate over the past 15 days in Overland Park Kansas, we find the city has 8.1 months of inventory currently on the market. This amount of inventory indicates it’s a buyer’s market in Overland Park. The average sales price of the homes that sold (closed) the past 15 days in Overland Park was $261,273 and the average priced new listing was $279,559.

Type # Average $ Avg DOM
Listings Past 15 Days 147 $279,859 –
Total Active Listings 1057 – –
Newest Contracts Written 93 $243,423 114
Newest Sold (Closed) 65 $261,273 108

* The Average $ of Newest Contracts Written considers the list price when the homes went under contract. Data pulled from Heartland MLS and deemed reliable but not guaranteed. Low samplings in a category can skew results. Stats cover approximately 15 days from post date. DOM = Days On Market.

The homes that sold in the past 15 days were on the market 108 days and the homes that went under contract did so in slightly less time, which is a promising trend. If you’re planning to sell or buy an Overland Park Kansas home, we can provide you expert representation through the process. Here’s info about how we can assist you with selling your Overland Park home and with buying an Overland Park home. Please contact us with any questions you may have and we look forward to assisting you.

Overland Park KS Kansas Relocation Information

Search Overland Park KS Homes For Sale

View Additional Real Estate Stats On Overland Park KS

Our Overland Park KS Buyer’s Agent Services

Our Overland Park KS Listing Agent Services


Posted by Jason Brown

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Conflicting Data: Falling Number Of Home Sales, Rising Median Home Sale Prices

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Checking The Pulse Of The Kansas City Real Estate Market

The Case-Schiller 20-city real estate index – which provides data on a sampling data on our national metro area real estate markets – shows that we’re nearing an all time low in the volume of home sales. It’s interesting that while home sales fell 1%, median sales prices rose an astounding 5.8% during the same period. Despite that rise in sales prices, the decline in the volume of home sales overall has the 20-city index nearing its lowest point since November 2009. Note how this graph shows us back at 2003 levels.


It’s noteworthy that the last several years shows the real estate market has been relatively stable. The  Case-Schiller 20-city index tells us that 80% of the cities experiencing monthly increases in sales prices but annually 19 of the 20 cities experienced lower sales prices.  Home sales overall are nearing their lowest point ever and if that trend continues it’s unlikely average home sales prices will continue to buck the trend.


Posted by Jason Brown

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Mixed Signals On What To Expect With Future Kansas City Real Estate Foreclosures

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Checking The Pulse Of The Kansas City Real Estate Market

I was surprised to hear the volume of foreclosures nationally has slowed significantly. These are credible year-over-year stats as reported by RealtyTrac. Indications are that foreclosure activity has dropped 1/3 May 2011 compared to May of last year. This puts foreclosures at a four-year low. In May, about 1 in 600 homeowners received some sort of foreclosure filing, which could include a default notification, scheduling of an auction date, finalized repossession, etc. 


Still, most experts agree there’s 2 to 3 years worth of distressed property inventory to eat up across the U.S. Additionally, I’ve seen estimates that for every current REO foreclosure listing, there’s two more listings yet to hit the market. If true, that’s going to significantly impact the promising reports of falling foreclosure activity nationally. I wonder if the build-up is due more to banks having trouble getting properties ready to go on the market, banks using discretion to not flood the real estate market with more distressed properties or if a lot of its to do with lenders being forced to change how they handle the process and thus having to re-start many foreclosure proceedings.


Posted by Jason Brown

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Potential FHA Loan Changes Would Have A Drastic Effect On Kansas City Home Buyers… And Home Sellers

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Checking The Pulse Of The Kansas City Real Estate Market

Mortgage industry consultant Brian Chappelle estimates that FORTY PERCENT of home buyers would fall out of the market-place if FHA raises the minimum down payment requirement from 3.5% to 5%. I just don’t see how we can afford to implement these types of drastic changes with a real estate market – and economy – already on edge. The lack of buyer demand is already harming property values across the country and imagine what would happen if 40% of home buyers disappeared due to sweeping FHA mortgage changes.


Increasing the minimum down payment from 3.5% to 5% on a $200,000 Johnson County Kansas home, would increase the home buyer’s down payment from $7,000 to $10,000. That’s a very significant THREE THOUSAND dollars and anyone thinking the potential FHA changes would be insignificant should think again.  $3,000 is guaranteed to run many home buyers we’re working with right now out of buying home. That will mean less demand for area home sellers and we all know what that means — lower sales prices.  These changes are very likely to happen though as we work to lessen the government’s involvement in the housing market. I hope there’s someone with a good head on their shoulders suggesting they SLOWLY (incrementally?) implement these types of changes. If not, it’s going to be a bumpy ride. 


Posted by Jason Brown

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Most Believe A Real Estate Market Recovery Is At Least A Couple Of Years Away

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A collaborative report by Trulia.com and RealtyTrac.com finds that 54% of a random 2,000+ people surveyed believe the soonest the housing market will recover is 2014. Perception is reality and for more than half of the people surveyed to believe that, we’re in for a long road ahead. Just six months ago a similar poll found 34% of respondents believed the soonest the housing market would recover would be in 2014. To find that 20% more people feel this way just six months later won’t come as a surprise to many home sellers out there and the path to a successful home sale is clearly ever-changing.

Just 18% of those polled felt the real estate market would improve in 2012 or sooner. It’s possible that things can change that quickly. Truly though, I believe NO ONE can predict just how fast things may improve. Once enough home buyers start jumping back into the market (in anticipation we’re on our way up), it’s anyone’s guess how much affect that will have on home prices.  It could depend whether foreclosures are rising or falling when we get to that point and, again, NO ONE can predict the timing of that either.


Posted by Jason Brown

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A Year Of Real Estate Market Stats Covering the Entire Kansas City Metro Area

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Checking The Pulse Of The Kansas City Real Estate Market

Here’s a look at the real estate stats for the entire Kansas City metro MLS area. This includes  Johnson County Kansas, Overland Park, Olathe, Leawood, Lenexa, Shawnee, Prairie Village, Lee’s Summit, Independence, Blue Springs, Grandview, Liberty, KCK and every listing in between that reports to the MLS. The graph below is a look at the past 14 months of real estate activity. You’ll see in the light green area that there was a significant dip in the volume of homes on the market in January and February. Since that time, the spring real estate market has brought the typical jump in the number of Kansas City homes for sale. But we’re still below the volume of homes that were on the market this time last year and that’s a good sign.

We won’t compare April’s sales rate to last April’s because you can see last year’s stats were grossly inflated by the home buyer tax credit that was still in effect. Looking at just the past few months, sales in both March and April (individually) were better than and other month since the tax credit ended (with the exception of July last year).

Posted by Jason A. Brown

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Overland Park Kansas Real Estate Update – May 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, we find the city has 9.2 months of inventory currently on the market. This amount of inventory represents a continuation of a buyer’s market in Overland Park Kansas. Though the numbers of home sold (closed) the past 15 days wasn’t too impressive, more than double that number of homes went under contract. If the 143 homes that went under contract were to make it the closing table, the amount of inventory (calculated on the current volume of 1,150 homes for sale in Overland Park) could be re-calculated at right around 4 months of inventory. 

Type

#

Average $

Avg DOM

Listings Past 15 Days

 183 $280,675

–

Total Active Listings

 1,150

–

–

Newest Contracts Written

 143 $273,525 97

Newest Sold (Closed)

 63 $234,684 107

* 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.

Home sellers in Overland Park who did get their homes under contract the past 15 days did so in an impressive 97 days on average. It’s concerning though that the average priced new listing came on the market around $280,000, while the average sales price was in the mid $230’s. If your real estate goals involve buying or selling a home in Overland Park Kansas or the surrounding area, please contact me to discuss how we can assist you. We look forward to learning the details surrounding your plans to buy or sell an area home and helping you achieve your real estate goals. 

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Posted by Jason A. Brown

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If Your Overland Park Home Has Mold, Don’t Take Short Cuts To Fix The Problem

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Checking The Pulse Of The Kansas City Real Estate Market

Nearly every home and office building have conditions that make the structure perfect for mold growth. From the products in the home to the perfect room temperatures, your home is ready to grow mold if you simply add the missing ingredient. The missing ingredient is water and, without it, you won’t have to worry about mold. This is why it’s so important to address water issues in your home at the first sign of problems. If you have a plumbing leak in your home, fix it immediately. If you have a window leak, siding leak, roof leak or flashing leak, get a contractor out to properly seal your home up and keep moisture where it belongs – outside of your home. 


Proper maintenance and addressing issues when they first appear will help prevent more costly repairs later. Keeping mold from growing is also important because mold can cause severe health problems. If you’re too late for preventative measures and you find mold in your home, what should you do?  The first step is getting an appropriate contractor out to stop the leak that’s allowing water into your home. Then it’s time to deal with mold. The home inspectors I’ve spoken with say that simply applying bleach to the area is not a satisfactory method (and can actually make the situation worse in many cases). Using this method might kill the surface mold but you also need to know that the hidden mold is killed — or the problem will still be present (just not visibly). 

There are different methods that mold mitigation companies use to kill mold. One company I have experience with here locally is PuroClean here in Johnson County Kansas. They came into one of my Overland Park client’s home to analyze a mold situation. They provided a bid, completed the remediation, did a re-test and the job was completed to both home seller and home buyer’s satisfaction and everyone came away feeling the mold situation had been properly addressed.


Posted by Jason A. Brown

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Taking A Look At The National Housing Stats As We Head Into The Prime Selling Season

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Checking The Pulse Of The Kansas City Real Estate Market

My National Association or Realtors (NAR) reports that existing home sales in March rose 3.7% over February’s stats. The numbers were down 6.3% however when compared to March of last year. But we were still in the tax credit era at that time, so it’s not a real fair comparison to gauge last March against today’s real estate market. Comparing March stats to February’s however does bring better news to Kansas City home sellers as we head into the prime home selling season.


Existing home sales have in fact risen in all but 2 of the last 8 months. That’s great news. A NAR survey shows that 33% of homes purchased in March were bought by First Time Home Buyers. NAR also reports the average existing home price in March was just under $160,000 — an almost 6% drop from March of 2010 – and an astounding 40% of total sales were distressed properties, such as bank foreclosures and short sales.


Posted by Jason A. Brown

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