Olathe Real Estate News

At the end of January there were 767 homes for sale compared to 885 (down 13%) the previous year. Although more new listings are coming onto the market, the strong sales last fall greatly reduced the number of homes on the market.

Available homes ranged in price from $45,000 to $7.9 million. The average January sold price was $247,000 compared to $262,000 (-6%) in January, 2009. This does not necessarily mean homes depreciated that much, but there were more lower priced homes sold last month compared to January, 2009 driving the average price lower.

Price Range No. of January Homes Sold
Less than $99,999 4
$100,000 – 149,999 15
$150,000 – 179,999 14
$180,000 – 229,999 15
$230,000 – 299,999 11
$300,000 – 399,999 10
$400,000 – 499,999 6
Over $500,000 6

Remember, real estate is “local.” Prices in the Kansas City or even Johnson County area do not all go up or down the same. Just like some states were harder hit than ours, some of our suburbs and neighborhoods will improve faster than others. When looking for a home, you need to look at “Comparable Market Prices” for the neighborhood you are buying in, not necessarily the overall market.

The deadline to qualify for the “first-time home buyer’s credit” and the “repeat- buyers credit” is April 30.

Jim Krause
Reece and Nichols
913-575-0042
Email: jimkrause@reeceandnichols.com
For a video explanation of the Home Buyers Credit, click on “$$$$ Tax Credit Information” at this link:
www.jimkrause.reeceandnichols.com