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6850 College Blvd, Overland Park KS 66211
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Is Now The Right Time To Buy A Home In Kansas City or Johnson County Kansas?

Checking The Pulse Of The Kansas City Real Estate Market

No doubt about it, most of the news we’re hearing on the real estate market is bad news. But here in Kansas City, Johnson County Kansas, Overland Park and the surrounding areas, we’re MUCH better off than many metro area real estate markets. This can be hard to see because even a 5% loss is a big loss — especially on an investment you count on appreciating. But things could be much worse as many cities have lost 10%, 20%, 30% or more of their property values… it’s been reported that property values in Merced California’s have fallen more than 50%. Whether you’ve lost 5% or 50% in property values, at some point the market is going to turn around and those who buy now, in a down market, are likely to make a LOT of equity (i.e. money).


Unfortunately, knowing the perfect time to buy is nearly impossible. We’ll be well into the recovery before you or I know it and before the media is reporting it. That’s why I’m always interested to hear what the “experts” are saying. Consider this… Economist Paul Dales estimates that housing prices are UNDERVALUED by 24%! Whether or not home prices fall next month, anyone with a long-term real estate strategy stands to make huge gains if Dale’s estimate is remotely accurate. Dales goes on to compare the historical relationship between income and home prices housing and finds home prices are as UNDERVALUED as they’ve been since the 1970’s.


Posted by Jason Brown

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Johnson County Kansas Real Estate Update – July 2010

Checking The Pulse Of The Kansas City Real Estate Market
Real Estate Info for Johnson County Kansas
Recent
15 Days of Johnson County KS Market Activity

Using the past 15 days of real estate market stats in the chart below to figure the absorption rate in Johnson County Kansas, there’s currently 11.4 months of inventory on the market. This is the highest I’ve seen in some time and a sales rate of under 400 sales a month in the county is not high enough for an inventory of more than 4,000 homes on the market. There’s slightly better news in the number of homes that went under contract over the same 15-day period. If we use the figure of the 279 homes that went under contract to figure the absorption rate in Johnson County (under the assumption all will close), there’s 7.8 months of inventory – which is still high.

Type
#
Average $
Avg DOM
Listings Past 15 Days
591
Total Active Listings
4,345
Newest Contracts Written
279 $250,438 119
Newest Sold (Closed)
190 $279,409 103

* 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 you’re about to buy or sell any Johnson County Kansas real estate, please contact me for assistance. We’ll get you the market stats specific to your area of Johnson County KS. Whether you’re buying or selling a Johnson County KS home, we’ll provide you expert real estate guidance.  So don’t hesitate to let me know how we can assist you.

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Posted by Jason A. Brown