Real Estate Market Conditions for Overland Park KS July 14th, 2008

Real Estate Market update for Overland Park

Overland Park had 1051 homes sell and close in the last 6 months, counting all homes and price ranges, including existing homes and new construction. There are 913 Single family homes listed for sale in Overland Park.

Upper Bracket Homes in Overland Park

Upper Bracket Homes in Overland Park accounted for 96 of the recent six month sales, based upon most recent listing price. There are 248 homes listed for sales in the $500,000+ range, which means the market is still overcrowded in that range with a roughly 15 month 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. If you don’t need to sell, this may not be the ideal time to test the market.

Overland Park Homes $200,000 and under

Overland Park Homes $200,000 and under are selling well, accounting for 374 of the last 6 monts sales/closings. There are 210 homes listed for sale at $200,000 or less price. Selling at an average pace of 62 homes per month, there is just under a 4 month supply of homes in Overland Park in this price range.

Overland Park Homes $200,000 to $500,000

Overland Park Homes $200,000 to $500,000 are selling well. There have been 576 homes sold in the last 6 months listed in this price range. There are 454 homes listed for sale in this price range. This is closer to a balanced market.

Summary – if you have an upper bracket home, realize the market is soft in your price 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, 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.

contact data updated 07/21/2009

Ken Jansen Broker Associate CRS, ABR, ePRO, CLHMS, CSP

Keller Williams Realty Partners, Inc.



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