Topeka Market Report through July 2010
July solds (transactions actually closed) were down by 95 units, or about 31% vs June, which is very typical for this time of year. Year to date (YTD) through July for 2010 had 1611 units sold, up 174 units or about 12.1% from the same period last year. There were 211 units sold in July 2010, compared to 293 in July of 2009. The average sale price of the solds (YTD) was $122,401 compared to $124,434 in 2009.
As of 7-31-10, there were 1358 active (for sale) properties listed on the market, with an average list price of $146,123. Total listings input (includes currently active, sold, pending, expired & withdrawn) as of the end of July, 2010 were 3565, compared to 3232 for the same period in 2009 and 3681 in 2008. I find that many of you are stunned to know the volume of real estate transactions that occur in Topeka – are you?
The absorption rate for the current inventory of single family units is 6.7 months, compared to 7.7 months in 2009. In 2008, we were at 4.3 months, and in 2007 we were at 4.4 months.
Average days on the market (DOM) for sold units was 76 for 2010 at the end of July, compared to 74 in 2009, 74 in 2008 and 66 in 2008.
The Topeka Area Association of REALTORS also has statistics put together by Dr. Stanley Longhofer of the Wichita State University Center for Real Estate that I am sharing with you here if you are interested.
Topeka Market Report Through June 2010
System-wide (Topeka MLS) sales were down just 15 in June, or about 4.5%, from
321 to 306. I’m sure we’re still seeing a little fall-out from the passing of the deadline to have a home under contract for the tax credit. The deadline was extended for closings of those properties. Had it not been, I have heard that between 180,000-200,000 properties (around 1800 in Kansas) would not have closed. It would have been heart-wrenching for the buyers and sellers, and would have thrown many of those homes back into the inventory of properties for sale.
YTD through June 30, 2010 was up by 256 units, or 22% over 2009, and even 4 units up over 2008! (But still down from the 1698 units YTD in 2007).
To give you an idea, though, of the volume of properties that pass through the stable Topeka market: during the month of June, 306 homes transactions were closed, 266 transactions were pending as of the end of June, and 1480 properties were actively on the market at the end of June. Although the average days on market was 80, 36% of the closed transactions were properties that were on the market over 120 days.
The end of June (2010) absorption rate for all housing inventory in the Topeka MLS was 4.8 months, compared to 6.7 months in 2009, 4.9 months in 2008 and 4.0 months in 2007.
I hope you find these statistics useful; they are as they are provided to me and I like to pass them along to you. I have more statistics, but I think they’d make your head hurt. If there’s anything you want to know and don’t see – call me and we’ll see if it’s something I have available to me.
Flood Insurance Update
This links to the latest information available to me about flood insurance at the official website of the National Association of REALTORS®.
Extension Of Tax Credit Closing Deadline
In a 409-5 vote, House lawmakers passed a standalone bill that would extend for three months Wednesday’s (6/30/10) deadline for closing on a home purchase in order to claim the federal homebuyer tax credit. HR 5623 could be voted on as soon as tomorrow.
UPDATE: After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
Topeka Market Report through May 2010
May was an interesting month. Total closed sales were up 16 (from 298 to 314) over April, just about 5.4%. One price
range saw a significant decline: from $80,000 to $99,999 saw a decline of about 41% (from 56 sales in April to 33 in May). Year-to-date through May of 2010 was up 219 (from 869 to 1088 or 25.2%) from the same period last year.
The current inventory MLS-wide in single family units is 1473, up from 1278 in 2009. At the same time, the absorption rate is currently 4.7 months, compared to 5.5 for 2009. Average days on the market for those homes sold in May was 63 vs 74 in May of 2009. YTD days on market through May was 76 for 2010 vs 79 in 2009.
I think things are slowly and steadily looking up – and slow and steady is the best way to improve!
