Wednesday, August 6, 2008

Hey! KC Star - Olathe is selling 6 homes a day - print that!

Olathe KS Housing Market Conditions

Olathe had 1082 homes sell and close in the last 6 months, counting all homes and price ranges, including existing homes and new construction. That gives an average pace of 180 homes per month selling in Olathe. There are 861 Single family homes listed for sale in Olathe. Selling at an average 6 homes per day, there is a less than 5 month's supply of homes. Essentially a balanced market with a slight seller advantage. The real story comes when the information is broken down by price range. Especially since the only market which really matters is the one you are in!

New home for sale account for 256 of the homes for sale in Olathe, about 24% of supply. New home sales account for 215 sales also about 25%.

Upper Bracket Homes in Olathe $500,000+

Upper Bracket Homes in Olathe ($500,000+) accounted for 20 of the recent six month sales, based upon most recent listing price. There are 39 homes listed for sales in the $500,000+ range, which means the market is still overcrowded in that range with nearly a year's supply of homes. Seller's should review their house's condition and curb appeal. If you have been on the market more than 30 days, talk with your agent about how the house could be presented better either in condition, price, terms, etc. When you want to sell and are looking for an aggressive and effective (99+%) sales agent give me a call at 913-908-2215 or

Olathe Homes $200,000 and under are selling well, accounting for 511 of the last 6 months sales/closings. There are 400 homes listed for sale at $200,000 to $350,000 or less price. Selling at an average pace of 85 homes per month, there is a roughly 3.5 month supply of homes in Olathe in this price range. This is the time to list your house and sell. Down payment assistance programs are going away, so if your home would be a nice first home for someone...sell it now!

Olathe Homes $200,000 to $350,000 are selling moderately well, accounting for 451 of the last 6 months sales/closings. There are 296 homes listed for sale at $200,000 or less price. Selling at an average pace of 85 homes per month, there is a roughly 5.3 month's supply of homes in Olathe in this price range. Essentially a balanced market with a slight seller's advantage.

Cutting the above price range half and measuring the Olathe Homes priced $275,000 to $350,000 which are listed for sale and the market takes a definite turn from seller advantage to buyer advantage $275,000 to $350,000. There have been 99 homes sold and closed in the last 6 months, roughly a house every 2 days or 16 homes per month. With a supply of 140 homes in that price range there is an 8.5 months supply of homes. 5-6 month's supply of homes compared to absorption rate is balanced, more than 6 months and it turns towards a buyer advantaged market - meaning Seller's would be smart to price the home to offer the best value. Consider the www, program to get the best price possible in a reasonable period of time.

New homes account for 46 of the sales in this price range and 73 of the supply. Sellers need to be aware they may be competing with very motivated builders and or bankers. The new homes may also offer more current colors and d├ęcor.

Olathe Homes $350,000 to $500,000 - 7.75 months supply, buyer advantaged market, selling at a pace of 0.6 homes per day with a supply of 142

Summary of the Olathe Real Estate Market - if you have an upper bracket home, realize the market is soft in your price range and adjust your plans accordingly. The lower priced homes are selling well, so as a buyer, you will want to adjust your plans to fit the reality of the market place. It will be the rare seller in the under $200,000 price range who is going to be willing to make many concessions on a house in good condition, since the market is strong. If, however, you are interested in buying UP in the down market, now is the time to assess your personal situation. Interest rates are low, upper bracket inventory is high, some sellers are very motivated.

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