Tag Archives: Prairie Village Real Estate

Kansas City Area Real Estate Market Stats: Comparing Our Current Market To 1 Year Ago

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Checking The Pulse Of The Kansas City Real Estate Market

In comparing September 2011’s market stats to September 2010, we find there’s fewer homes on the market and more homes are selling. This is great news for Kansas City homes sellers as we look to achieve a balanced real estate market not seen for several years in Kansas City. In September of 2010 there were 19,770 homes on the market, while this September that figure dropped to 17,550. In September 2010 there were 1,883 homes Sold (closed) while this September that figure improved to 2,105 homes Sold.


These figures calculate to an improvement from 10.5 months of inventory on the market last year to 8.3 months of inventory on the market this September. 5 to 7 months of inventory is considered to be a balanced real estate market, not necessarily favoring Kansas City home buyers or home sellers. Shaving off more than two months of inventory the past year goes a long way towards stabilizing home prices.

Once the glut of distressed foreclosure and short sale listings slows, the months of inventory could get back below the 7 month range. When this happens, we’ll likely be well on our way to a real estate recovery and home buyers will find it unlikely to find the great deals available in today’s market and with today’s 30-year fixed interest rates that are in the 3’s.


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

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Checking The Pulse Of The Kansas City Real Estate Market

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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Prairie Village 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 Prairie Village
Recent 15 Days of Prairie Village KS Market Activity

After calculating the absorption rate over the past 15 days in Prairie Village Kansas, we find the city has 5.2 months of inventory currently on the market. This is excellent in our current market and represents a stable amount of inventory in the Prairie Village KS area. The days on market (DOM) for Prairie Village is outpacing the length of time it’s taking to sell homes in most other Kansas City metropolitan areas. Both the homes that sold and those that went under contract the past 15 days did so in less than 4 months time.

Type

#

Average $

Avg DOM

Listings Past 15 Days

 34 $224,475

–

Total Active Listings

 175

–

–

Newest Contracts Written

 15 $185,093 89

Newest Sold (Closed)

 17 $256,168 118

* 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.

Sales prices on the closed homes the past 15 days looks solid, with the average home selling for $256,168. The average list the price during this time was $224,475 and provides Prairie Village home buyers with lots of new options to consider. If your real estate goals involve buying or selling a home in Prairie Village Kansas, please contact me for assistance. We look forward to learning about your goals and helping you buy or sell a Prairie Village area home. 

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Posted by Jason A. Brown

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National Home Prices Take Huge Dip Back To 2002 Levels

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Checking The Pulse Of The Kansas City Real Estate Market

The U.S. accused Saddam Hussein of developing chemical, biological and nuclear weapons. An arrest was made in the D.C. sniper gun attacks. Enron happened. That was a long time ago… 9 years to be exact. And the value of the average U.S. home today is now equivalent to the average home price at the time of those events, according to the S&P/Case-Shiller price index. The downward trend is likely to continue until the volume of new foreclosure listings slows. Nearly 40% of U.S. homes sold last month were foreclosures or Short Sales (upside down homeowners praying their lender will accept a payoff lower than the borrower’s loan amount).


The conditions present today make it tough for many typical home sellers to catch a break. Some sellers become nervous when their homes don’t sell quickly. Many will make a knee-jerk reaction to drastically lower their prices as they work to gain market acceptance. This erodes values of surrounding homes and becomes a vicious cycle in some cases. To break the cycle, I believe we’re going to need an extended run of positive economic news (should create more buyer demand in the market) and a sizable reduction in the volume of foreclosure listings hitting the market (less supply of distressed homes will increase the demand for typical resale homes).

Some people predict we’ll never again see the real estate appreciation rates we saw for years in our country. While that may be true, to say that the housing market isn’t going to rebound would be bucking history.  Real estate has always rebounded and the pride of homeownership is one of the things that makes our country great. I am amazed when I hear the occasional person say that it’s crazy to own a home. I always tell them, someone is going to own the home they live in. Would they rather it be a landlord making the decisions for them the rest of their lives? I’ve yet to hear a plausible response to the question.  Real estate is also a LOCAL phenomena and the numbers reported nationally are drug down drastically by the real estate bubbles that burst in portions of California, Florida, Colorado and Arizona.


Posted by Jason A. Brown

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Kansas City Mortgage Interest Rates Fall For Third Straight Week

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Checking The Pulse Of The Kansas City Real Estate Market

Mortgage rates were inching higher around the new year but we’ve seen them in a downward trend recently and have actually seen rates drop for a third consecutive week. This is an amazing benefit to buying in today’s real estate market and it’s likely 20 years from now we’ll look back in amazement on the interests rates some of us were able to secure. If you’re considering buying a home, the average national 30-year fixed interest is hovering around 4.75%. Most experts believe interest rates will hold steady for at least the next few weeks.

This week I’ve received notifications from Bank of America advertising 30-year fixed rates at 4.625% and from Wells Fargo advertising 4.875%. Mortgage rates with most lenders change daily and some even update their quoted rates twice a day. So take any interest rate quote you see with a grain of salt because they probably will have changed – possibly up or down – by the time you contact the lender. When buying a home, contact your lender and lock in your rate. If you have a contract, you can lock in the current interest rate for free. If you’re just starting the Kansas City home buying process, you can often pay around $150 to lock in the current interest rate for 60 days. Once you’ve locked in your interest rate, it doesn’t matter if interest goes up during the lock period, because your rate is guaranteed.

Posted by Jason A. Brown

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Good News, Bad News: Kansas Home Sales Rise 5% But Sale Prices Fall 8%

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Checking The Pulse Of The Kansas City Real Estate Market

My Kansas Association of Realtors (KAR) report on January’s real estate market indicates the volume of home sales is picking up steam. Overall in the state of Kansas, home sales (closings) rose 5.6% in January 2011 compared with January of 2010. This is impressive when you consider that 2009’s figure was inflated by the home buyer tax credit. This market improvement outpaced the national market improvement of 5.3% and these figures are promising both locally and nationally.

There’s still too many homes on the market however, leaving 13.3 months of inventory in the state of Kansas. The months of inventory was calculated using the number of January home sales and dividing that figure into the 17,805 listings that were for sale at the end of January. With still too much supply for demand, homes sellers saw their average sales prices fall from around $160,000 in January 2010 to around $147,000 January of this year. That’s a significant 8% fall in home prices across the state.

Looking closely at our local market in Johnson County Kansas, 321 homes were sold (closed) in January. This was virtually unchanged from the 328 home sales in Johnson County in January 2010. Comparing this January’s sales rate to the amount of inventory currently on the market, we find there’s 11.1 months of inventory available. This amount of inventory indicates a clear buyer’s real estate market in Johnson County Kansas and anyone in the market to make a move should contact us to see some of the great Johnson County Kansas homes for sale.

Posted by Jason A. Brown

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December’s Real Estate Stats Indicate Home Sale Prices Are Increasing In The State Of Kansas

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Checking The Pulse Of The Kansas City Real Estate Market

The Kansas Association of Realtors (KAR) report for December indicates the real estate market in the state of Kansas is stabilizing. After seeing five consecutive months of declining numbers, the number of homes sold (closed) in December 2010 was virtually identical to the number of sales in December of 2009.  This is even more impressive when you consider the previous year’s stats were compiled while we were still in the midst of the home buyer tax credit. The Kansas figures were also much better than the average national stats, which saw the volume of home sales drop 2.9% in December.

The amount of inventory on the market in Kansas stood at 8.8 months in December. In this case, the months of inventory was calculated using the number of December home sales and dividing that figure into the number of homes for sale when the report came out. Just as promising, the average sales in Kansas rose from $151,952 in December 2009 to $158,628 this December. That’s a very significant jump.

Looking closely at our local market, in Johnson County Kansas 521 homes were sold (closed) in  December. This was up from the 460 homes that sold in Johnson County in December 2009. Comparing this December’s sales rate to the amount of inventory  currently on the market indicates there’s 6.6 months of inventory on the market. This amount of inventory indicates a stable real estate market in Johnson County Kansas.

Posted by Jason A. Brown

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