Market Updates

Kansas City Real Estate Foreclosures Climb

August 3, 2010 By Steve Kornspan Leave a Comment

According to RealtyTrac 154 of the 206 major U.S. metro areas have had an increase in the number of foreclosures.

The Kansas City metro area ranks 70th-highest on the list, based on the Midyear 2010 Metropolitan Foreclosure Market Report found.

In the area, 10,719 housing units or 1.24 percent of received a foreclosure filing from January to June. That is a 14.56 percent increase compared with July to December of 2009 and a 51.25 percent increase compared with January to June of last year.

Las Vegas still ranks the highest with a foreclosure rate of 6.6 percent.

The report is based on metros with populations of 200,000 or more.

The top 20 metro foreclosure rates occurred in: Florida, California, Nevada and Arizona. Florida cities hold nine of the top 20 spots.

Previously RealtyTrac reported that 1 out of 78 U.S. homes received at a foreclosure filing from January through June. Missouri ranked 30th with 17,242 homes, or 1 out of 155 homes. Kansas had 6,602 homes in foreclosure, or 1 out of 186, that ranks it 34th.

Filed Under: Feature Story, Market Updates

Overland Park Real Estate Update

May 5, 2010 By Steve Kornspan

Here are the facts on the Overland Park, KS residential real estate market. The calculations are compared to the same month, last year.
Click here for details

Johnson County Area Real Estate Update

February 18, 2010 By Steve Kornspan

Johnson County Area Real Estate Update
We sold more homes in 09 vs 08, but many were entry level

Johnson County in general is faring better than most parts of the country, it has good budget reserves and a coveted AAA bond rating, which only 36 counties in the US boast. Wall street has confidence in JoCo due to its diverse employment base, manageable debt, and a “modest” foreclosure rate of less than 200 homes a month.

A major factor impacting Johnson County Real Estate sales has been the government tax credits. The $8,000, home buyer tax credit, which was scheduled to expire on November 30, 2009, sparked an increased demand for homes under $250,000. Anyone considering buying a home, did. This created a spike in home sales in September and October and slightly lower sales in November and December. The cold and snow also kept buyers at home. The end result was that we sold more homes in 09 than in 08, 8001 vs 7891. The total dollar volume decreased 4.95%, mainly caused by selling more, lower priced, starter homes. Kansas City area Realtors were busy.

Lastly, the data shows average sale prices are increasing. My opinion is that it is driven more by “move up” buyers, selling their starter homes and buying bigger homes, than by actual home appreciation. There are a few areas of localized appreciation, especially on starter homes Prairie Village Ranches, but I have not seen it in the overall market.

The Outlook - The $8,000 tax credit has been extended until April 30, 2010 and expanded to include higher income individuals, (up to $125k for a single person and $225k for a married couple) and there is now a $6,500 for buyers that have lived in their homes for at least 5 years and buy another home.

For most agents, January and February have been unnaturally busy. It feels like the beginning of a strong spring market. Sellers are getting their homes ready and buyers are out searching. Interest rates are incredibly low hitting 4.75% on a 30 year fixed.

The general consensus is that the Real Estate market will remain strong until April 30, 2010. After that, it will depend on employment and the economy to carry us forward. The good news is that we have companies moving into Johnson County and employment seems to be stabilizing. Also, the US GDP grew at 5.7% based on 4th quarter estimates.

Another factor are foreclosures. The data suggests that there may be a significant number coming on the market this year. Previously, most were lower priced homes, now I am hearing there are more coming in the upper brackets. This could put pressure on the local market’s appreciation rate for at least the next year. Currently, they are not a major factor in Johnson County.

Filed Under: Market Updates, Uncategorized

Prairie Village Real Estate Report Update

July 5, 2009 By Steve Kornspan

Here are the facts on the Prairie Village, KS residential real estate market. The calculations are compared to the same month, last year.

Click here for details

Filed Under: Market Updates, Prairie Village Real Estate Tagged With: stats

Lenexa Real Estate Report Update

July 5, 2009 By Steve Kornspan

Here are the facts on the Lenexa, KS residential real estate market. The calculations are compared to the same month, last year.
Click here for details

Filed Under: Lenexa Real Estate, Market Updates Tagged With: stats

Shawnee Real Estate Report Update

July 5, 2009 By Steve Kornspan

Here are the facts on the Shawnee, KS residential real estate market. The calculations are compared to the same month, last year.
Click here for details

Filed Under: Market Updates, Shawnee Real Estate Tagged With: stats

Olathe Real Estate Update

July 5, 2009 By Steve Kornspan

Here are the facts on the Olathe, KS residential real estate market. The calculations are compared to the same month, last year.
Click here for details

Filed Under: Market Updates, Olathe Real Estate Tagged With: stats

Leawood Real Estate Update

July 5, 2009 By Steve Kornspan

Leawood is very interesting, on a positive note, the prices are going up. But the number of homes that are actually selling is going down. If you are considering selling a home in Leawood, you probably want to thoroughly review the Realtor’s marketing program and experience.

Here are the facts on the Leawood KS residential real estate market. The calculations are compared to the same month, last year.
Click here for details

Filed Under: Leawood Real Estate, Market Updates Tagged With: stats