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 Total listings input (includes currently active, sold, pending, expired & withdrawn) as of the end of July, 2010 were 3565, compared to 3232 for the same period in 2009 and 3681 in 2008.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.

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.

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.

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!

Across the state there were 18,459 active listings at the end of the month. Supply of new and existing homes on the market — which is determined by taking the number of active listings and dividing it by the number of sales — represents 5.7 months compared to 7.6 months in March of this year.

KAR President, Brian Jones, Broker/Owner of Jones Heritage REALTORS® in Pittsburg, Kansas said that the dramatic increase in sales activity was driven by the homebuyer tax credit which required contracts to be written by April 30, 2010 and closed by June 30, 2010 in order to qualify. “We anticipate that closings over the next few months should rise across the state, which will be good for the economy at both the local and state levels.”

The statewide average sale price of homes last month was $155,670, compared to $152,220 in April 2009. This represents an increase of 2.3%. The statewide median sale price last month was $145,000 compared to $138.450 for April last year. According to the National Association of REALTORS®, the median home price in the Midwest rose 5.8% to $146,400. The national median home price was $173,100, which is 4.0% above last year. The median price is where half sold for more and half sold for less.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage last week was 4.84%.

Source: Kansas Association of REALTORS®

When will it happen?  Probably this week sometime, depending on how quickly the web developers get it figured it out and the local MLS cuts off the old “feed.”

Why is it happening?  The rules are a bit archaic, and I think we are one of the few (less than 5% in the country) that have this rule, but our local MLS does not allow “agents” to have IDX websites.  IDX = Internet Data Exchange.  Even though the property search portion of my site has been run using an approved IDX vendor, it’s still not allowed.  Only “Brokers” are allowed to have IDX “feeds.”  Although I am a Broker, in the MLS sense, I will be a seller/buyer agent within another company, rather than the Broker/Owner of my own company. 

Anyway, one of the things I do is comply with the rules, even when I complain loudly and make an effort to get them changed.  Probably, the old IDX “feed” will be cut off on Tuesday or Wednesday.  Hopefully by that time, you’ll find something on my website to take its place.  It will be the “feed” through the RE/MAX mid-states region, and though different, has some wonderful features.

I am sure sorry for the inconvenience!

—–Jerry

PRESS RELEASE 

FOR IMMEDIATE RELEASE
CONTACT: Jerry Long 273-1100 

JERRY LONG AFFILIATES WITH
RE/MAX ASSOCIATES OF TOPEKA 

(TOPEKA, KS) (May 26, 2010) — Jerry Long has joined RE/MAX Associates of Topeka as an Associate Broker.  The move was announced by Connie Davidson, Managing Broker of the firm and Greg Armbruster, President.  “We’re excited to have Jerry back in the RE/MAX family,”
Davidson said.   

RE/MAX,Associates of Topeka was founded in 1985, and is an independently owned and
operated franchisee of RE/MAX International.  RE/MAX was founded in 1973 and now
provides real estate services in over 70 countries.  RE/MAX Sales Associates
help more families buy and sell real estate every year than any other brokerage
organization in the world.  Long will specialize in providing professional
representation to buyers and sellers of residential real estate in Topeka and
the surrounding areas. 

Long was an Associate Broker with RE/MAX for 17 years before joining the senior
management team of another firm, during which time he received several
management excellence awards from the national franchisor.  Most recently, he
was Broker/Owner of Jerry Long Real Estate.  His new office is located in the
RE/MAX building at 5815 SW 29^th Street in Topeka.

 Long was licensed in 1986 and holds a Kansas Real Estate Broker’s License.  He holds
the ABR (Accredited Buyer Representative), CRB (Certified Residential Brokerage
Manager), CRS (Certified Residential Specialist), GRI (Graduate Realtor
Institute) and SRES (Seniors Real Estate Specialist) professional
designations.    A leader in the real estate industry, Long has served as
President of the Topeka Area Association of REALTORS® and Topeka Area Multiple
Listing Service, Inc. in 2004.  He is a member of the National Association of
REALTORS®, has been a Director of the Kansas Association of REALTORS® and is
active in community affairs.   

Long has consistently been a top agent in the Topeka Area Association of REALTORS®,
and has received their REALTOR® of the Year and Master’s Club awards.  He was
consistently a member of the RE/MAX 100% club and was inducted into the RE/MAX
Hall of Fame in 2001.  Long can be reached by telephone at 785-273-1100, by
email at Jerry@JerryLong.com or on the web at  www.TopekaHomeSearch.com.

 ###

10 Best Cities for the Next Decade – Kiplinger

Year-to-date (YTD) through April, there were 754 homes sold, up from 120 (or almost 19%) from the same period in 2009. Average days on the market for those was 84 days, exactly the same as 2009.

At the end of April, there were 494 sales pending (under contract, but not closed yet) and 1457 active listings. The current absorption rate for all active listings (at the current rate of sale) was 4.9 months, down from 6.5 for the same time last year!