Olathe, KS Real Estate Report
Is it a good time to sell a home in Olathe, KS?
Great question and chances are if you have read the national news or talked to a local REALTOR you might be confused.
Real estate is not national. What goes on in Texas, California, South Carolina or Iowa has little effect on the real estate market in Olathe.
Real estate is local. Matter of fact, if you divided Olathe into 4 equal segments, they will all be performing differently. While Northeast Olathe could be slow and homes declining in value, Southwest Olathe could be "Red Hot". You could even see differences in the real estate market from subdivision to subdivision.
To get back to the question, overall the Olathe, KS real estate market is very healthy.
In the past 60 days 460 homes have sold in Olathe and there are currently 394 homes for sale. That means there is a 1.71 months supply of homes for sale. A balanced real estate market is a 6 months supply of homes for sale. Since there is less than a two months supply of homes for sale, the Olathe, KS real estate market is in a Strong Seller's Market, meaning that it is a great time to sell.
Is it a Good Market to Sell for Everyone?
Great question. Although statistically the Olathe real estate market is "Red Hot" for selling, it is not a perfect real estate market for all Olathe homeowners.
If you are thinking of downsizing and buying a smaller home, you might want to wait. The real estate market should continue to increase for the next 6 months.
If you are thinking of upsizing and buying a larger home, you might want to sell now.
If you have deferred maintenance or projects going on, you might want to wait until the projects are completed.
Have a question about your home?
Let's talk . . . (913) 712-9313
Olathe Real Estate Stats the Past 60 Days
In the past 60 days, the highest priced home sold for $917,500 and the least expensive home sold for $60,000. The median sales price was $233,160 and the average home sold for $257,160 in 53 days.
In September, Olathe finally saw the median estimated value of all homes top $200,000. The estimated value increased 1.01% in the past month to $201,000. Over the past year, the estimated home value of all homes in Olathe increased 3.01%
Where is the Olathe real estate market heading the nest 6 months?
The Olathe real estate market outlook looks healthy for the next 6 months. Five factors are influencing the real estate market in Olathe.
The first factor that is affecting the Olathe real estate market is the interest rate on mortgages. Last week, due to many reasons, the interest rates on mortgages did a reversal and started heading down. This will stimulate sales and give home buyers the ability to buy more house for the money.
Second, the unemployment rate is below the federal, state and county rate at 3.4%. Area businesses like Garmin, Farmers Insurance, Honeywell, TransAM are looking to hire outside of Olathe to fill jobs. When people have jobs and feel stable, they start making larger purchases like buying a home.
Thirdly, Olathe is getting fast internet. Lets face it, who doesn't want fast internet? With Google Fiber coming to Olathe, millennials are more attracted to Olathe and millennials are a making up a huge chunk of first time home buyers.
Fourth, there is a shortgage of new homes for sale in Olathe. Ten years ago, it would take a couple weeks to view all of the new homes in Olathe. Now you can nearly view all of the new homes for sale in a weekend. In addition to the new home shortage, there are only 8 new home subdivisions that even have homes below $300,000 in Olathe.
Lastly, and probably most importantly, there is a shortage of real estate inventory. With 1.71 months supply of homes for sale, it makes sense, if you are thinking of moving up, to sell now while your move-up home has not seen huge price increases.
Thinking of selling your home or would like to know the value of your home in the current real estate market?
Thinking of buying or selling a home in Olathe?
Let's talk . . .
Serving Johnson County. KS., including: Olathe, Overland Park, Leawood, Stilwell, Spring Hill, Edgerton and Gardner, Kansas.
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