Overland Park KS Housing Market Conditions (August 5th 2008)

Overland Park had 1080 homes sell and close in the last 6 months, counting all homes and price ranges, including existing homes and new construction. There are 896 Single family homes listed for sale in Overland Park. Selling at an average of 3 homes per day, there is about a 5 months supply of home. Essentially a 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 100 of the recent six month sales, based upon most recent listing price. There are 247 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 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 Ken@KansasCityRealEstate411.com

Overland Park Homes $200,000 and under

Overland Park Homes $200,000 and under are selling well, accounting for 392 of the last 6 monts sales/closings. There are 206 homes listed for sale at $200,000 or less price. Selling at an average pace of 65 homes per month, there is just over 3 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 596 homes sold in the last 6 months listed in this price range. There are 448 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 4.5 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.

 Ken Jansen Broker Associate with Keller Williams Realty Partners, Inc.

11005 Metcalf, Overland Park, KS 66210

www.KansasCityRealEstate411.com

Ken@kansascityrealestate411.com  or 913-908-2215

 

 

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