2009 Year-End Market Report

The numbers for 2009 are in from the Topeka Area MLS, Inc. and they confirm my belief that we can see the light at the end of the tunnel. Total closed sales for 2009 were 2613, compared to 2769 for 2008. That’s “only” a decrease of 156 or 5.6%

The breakdown by price range is as follows (units closed – see the report for actual numbers):
$1-$99,000: down 101 units or 7.8% (Absorption Rate about 5 months)
$100,000-$159,999: down 59 units or 6.7% (Absorption Rate about 5 months)
$160,000-$199,999: down 3 units or 1.1% (Absorption Rate about 6-1/2 months)
$200,000-$299,999: up 8 units or 3.3% (Absorption Rate about 8-1/2 months)
$300,000 & up: down 1 unit or 1% (Absoprtion Rate about 12 months)

The absorption rate (number of months to exhaust current supply, given current number of sales) for all price ranges was 7.148 and the end of 2009, compared to 7.740 at the end of 2008. At the end of 2007, this number was 5.691 and at the end of 2006, the number was 4.502.

Average days on the market (all price ranges) was 71 for the year ended 12-31-2009, while it was 72 at the end of 2008. 2007 was 64 DOM and 2006 was 59 DOM.

Despite the tough winter weather and all the snow, internet searches and phone inquiries are up. I believe 2010 spring will see an increase over last year.

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