Below is a chart showing the average price of home sales in Prairie Village. I chose Prairie Village as a sample area because it is centrally located, it is fairly stable, and the homes give a good sampling of prices and styles. If you live in a nearby area like Brookside, Fairway, Westwood or Roeland Park, I think it would be safe to use this as a barometer of what is going on in your area.
- Prices are up from last year (January and February)
- There was a spike in October and November. I believe this late spike was due to the tax credit which was set to expire in November, but was extended at the last minute.
- I predict a very strong March and April based on the way 2010 has begun, and based on last year’s numbers.
- Last year, the strong Spring/Summer market was March through July. Perhaps this year it has begun a bit early and will end earlier because of the tax credit.
- The unknown: What will happen when the tax credit ends??? Contracts must be signed by April 30, and the home has to be closed by the end of June. The last half of 2010 could look very strange…