The third quarter numbers for the metro have been released and reveal some interesting statistics. As we currently sit heading into the fall, inventory levels all over the metro and particularly in Johnson County are at a year-to-date low. These statistics are typically used to define what we call a buyer or sellers market. By definition, the entire metro is still a “sellers market” with absorption rates of less than 6 months and Johnson County at 3 months. Closed sales are down metro wide compared to last year, yet the declining inventory levels have pushed average sales prices up as well. Check out the numbers for your zip code in particular by looking at the 3rd quarter report here.
Some Johnson County zip codes have seen average sales price increases as high as 20% with a county wide average of 3.2%. Although these numbers are helpful to understand the overall state of the market, nothing can replace the expertise of your agent who can bring the data from the metro, your neighborhood and your particular home together for you. If you’d like a more comprehensive market analysis of your home or if you or someone you know is thinking of buying or selling in the near future, don’t hesitate to call us to schedule a free consultation. Knowledge is power!