Kansas City Real Estate Contracts Written Compared To New Listings
Kansas City Real Estate Thoughts... For a couple of years we have been in a market where supply has outpaced demand. We have seen investors jumping ship, excessive new home construction inventory, homeowners with little equity getting pinched, a rising number of bank foreclosure listings and lender's tightening their lending guidelines on home buyers. It's all added up to a trend that got progressively more disproportionate month by month. But a good sign can be found in November's MLS stats for Johnson County Kansas. There was a closing of the gap overall in the number of homes that went under contract compared to new listings hitting the market and some areas actually had more homes go under contract than there were new listings. Ultimately we need to see more contracts written than listings coming on the market across all of our local areas. Then we need that type of trend sustained for an extended period of time. So with an eye towards the number of homes to hit the market compared to the number of homes that went under contract, here are November's MLS stats for Johnson County Kansas:
871 = New listings in November.
756 = Switched to pending status in November.
691 = Closed sales in November. A closing of the gap when the December stats are released would certainly be a positive sign as we head towards the 2008 spring real estate market.
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