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!

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