September 12, 2008 Overland Park KS Housing Market Conditions
Overland Park had 1,231 single family homes sell and close in the last 6 months, a pace of over 200 per month, counting all homes and price ranges, including existing homes and new construction. There are 894 single family homes listed for sale in Overland Park. Selling at an average of almost 7 homes per day, there is a just over 4 months supply of homes. Slightly a less than balanced market. 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!
Upper Bracket Homes in Overland Park $500,000+
Upper Bracket Homes in Overland Park ($500,000+) accounted for 114 of the recent six month sales, based upon most recent listing price. There are 263 homes listed for sales in the $500,000+ range, which means the market is still overcrowded in that range with a roughly 14 month supply of homes (an improvement). 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 aggresive and effective (99+%) sales agent give me a call at 913-908-2215 or KenJansen@TopProducer.com
Overland Park Homes $200,000 and under
Overland Park Homes $200,000 and under are selling well, accounting for 443 of the last 6 month's sales/closings. There are 205 homes listed for sale at $200,000 or less price. Selling at an average pace of 73 homes per month, there is just over 3.5 month supply of homes in Overland Park 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!
Overland Park Homes $200,000 to $500,000
Overland Park Homes $200,000 to $500,000 are selling well. There have been 681 homes sold in the last 6 months listed in this price range. There are 430 homes listed for sale in this price range. This is closer to a balanced market. Selling at the rate of nearly 100 per month (HEY - PRINT THAT KANSAS CITY STAR!) give a roughly 3.7 months supply of homes, a slight seller advantage.
Summary - 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.
How much is your home worth?
Contact information has been updated below
Make the smart move. Contact me.
- Ken Jansen, Broker, Jansen Realty Group, Inc.
- Straight Forward Advice
- Effective Marketing
- Results Oriented
- Phone: 913.908.2215
- Fax 913.273.1201