Hi everyone. Hope your week is going well.
I’ve got the Q1 Market Activity for Johnson County Kansas and things are looking good for the sellers.
– Average Sale Price is $248,337….a 5.3% increase from one year ago.
– Days on Market is 83…a 21.3% decrease from one year ago.
– Number of homes for sale in Q1 was 2591…a decrease of 21.7% from Q1 2012.
– Closed sales for the quarter were at 1735…an increase of 12.2% from Q1 2012.
– Finally, and no surpise considering lower inventory and increase in closed sales, the months of supply in Johnson County, KS is at 3.5 months. This is down an impressive 31.3% from this time last year.
I know that we are all attracted to the average sale prices, but I am also very interested in the months of supply. With supply at 3.5 months, Johnson County is currently favoring the sellers. Does this mean that the party is over for the buyers? Not necessarily in the long term, but for now it does indicate that buyers will want to move forward with preapprovals and areas of concentration if they are searching in the short term. Months of supply is a major determinant in pricing offers and negotiations so you will always want to make sure your agent is aware of this figure.
Stats for an entire county are broad so don’t hesitate to contact me if you need figures for your specific neck of the woods.
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