Are we in a buyer's or seller's market???
I have recently analyized the current market trends in our area and found some interesting information I wanted to share with you. But first, I want you to note that a balanced market is when there are about 6 months of inventory, a Seller’s Market is 5 months or less, and a Buyer's Market is 7 months or more.
If you look at the Market Statistics in the major cities of Johnson County, you will see that the market varies quite a bit by area. Take a look at the month’s supply of inventory below for each city:
Overland Park – 5.44 months
Shawnee – 7.33 months
Lenexa – 6.6 months
Olathe – 5.97 months
Leawood – 10.08 months
Prairie Village – 4.14 months
The numbers above show us that we have close to a balanced market in Overland Park, Lenexa, and Olathe. Shawnee and Leawood are still definitely a Buyer’s market, and Prairie Village is showing a Seller’s market. If you average all of these together for all of Johnson County, it translates to 6.59 months of inventory, making it a great time to buy, sell or both!
Frequently asked question at this time of year –
Is there any sense in putting my house on the market as the Holiday Season approaches?
Two things are worthy of note:
1. If someone is looking for a house this time of year, they are more often than not a serious buyer who is not just looking to pass the time of day. So, if you analyze the number of showings versus offers, you will find that while the showings are less in November and December, the number of offers per showing is higher than it will be in the Spring.
2. Also, there are fewer homes on the market currently than there will be starting in March or April. Therefore, the competition is less than it will be as the weather begins to warm.
Please keep me in mind when a friend, relative or associate mentions that they are looking to buy or sell. I give my clients an extra measure of service by analyzing the market thoroughly in order to help them make good buying or selling decisions.
Jennifer Johnson
Keller Williams
913-314-4104
johnsons@kw.com