As strange as this is to say – in certain price ranges in Olathe we have entered a seller’s market. I was just reviewing the recent single family home sales data and comparing the inventory. Specifically Olathe Kansas, single family homes with an asking price of $99,000 to $140,000.
In the last 60 days there have been 22 closed transactions. This give an average of 11 homes closing per month in Olathe in that price range. There are 48 homes for sale. At the current rate of sales, or absorption, it would take just over 4 months for all of the homes to sell. A balanced housing market is typically thought of as having a 6 month supply of homes comparing supply and demand. With less inventory and more demand the sellers are in good shape.
Condition still matters, price still matters, location always matters. What I am seeing is that the homes in good condition and in better locations are selling pretty quickly.