Topeka Market Report – January, 2010

There were 94 closed sales in the month of January, up from 84 for January of 2009, or an increase of about 12%. We’re still down from 134 (-29.9%) in 2008 and 199 (-52.8%) in 2007. The absorption rate (number of months to exhaust current supply, given current number of sales) for single family units (all price ranges) was 13.7 months at the end of January, compared to 14.0 in 2008, 9.3 in 2008 and 6.2 months in 2007. Our average and median list and sale prices are down a bit, and the best showing is in days on the market. From listing date to contract date, DOM at the end of January was 62, compared to 89 in 2009, 93 in 2008 and 72 in 2007.

What do I think of this? I’m not sure. We have property listed that all-of-a-sudden there is a huge increase in interest; other properties are showing no activity whatsoever. I do see buyers scrambling to get the extended & expanded tax credit. I’m not sure what to expect when that ends – we won’t have the incentives, but we’ll have a market that has hopefully continued to improve, and it will be great weather, I hope.

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