Below are three graphs showing local real estate data from 2002-2010 (click charts for a closer look). As you will see, the news is not great, but not terrible either. Last year, the number of pending sales has continued falling, while inventory has risen and prices have held steady. This information tells me that prices have hit bottom and are slowly on the way back up, but it looks like sales will continue to be sluggish. It remains a competitive market for sellers, and you have to work hard to give yourself an edge.
- While considerably down from our peak years, Johnson County home prices are up 2.8% from last year. Sales on the other hand have continued to fall, and are back to levels pre-2002. Inventory levels remain high, at 47.5% higher than in 2002. This year we have seen a 17.0% increase in inventory from last year.
- Jackson County sales are also back to 2002-type levels and are down 12% from last year. Sales prices have dropped 4.3% this year as compared to last year. Inventory has elevated by 28.9% from 2002, up 1,226 units.
- For the entire Heartland region, number of home sales have continued to decrease, and are 21.1% below the 2002 sales level and 11% below last year (see Pending Contracts chart above). Average sales price is up 1.1% from last year. Inventory levels are up 8.2% from last year.
*Information culled from the local MLS and is deemed reliable, but not guaranteed.