One of the more geeky parts of being a Realtor is breaking down housing stats. Crunching numbers and knowing the market is very important to ensure my clients are making the best decisions. Here are some highlights on the numbers for Johnson County, KS in February 2016.
These totals all reflect resale homes only. New homes accounted for only 7% of all activity in Johnson County during February and the price fixing that goes on in new homes will skew the data.
Total homes sold - 470
Total Homes active - 941
Total Months of supply 1.7
Most popular price range - $200,000 - $249,999 accounting for 19% of all home sales.
Current months of supply in this range - .6! That is correct... 17 days of inventory in this price range.
Days on market breakdown of homes that sold
0-30 days - 41%
31-60 days - 21%
61-90 days - 14%
91-120 days - 9%
121+ days - 13%
Type of Financing
Conventional - 56%
Cash - 19%
FHA - 17%
VA - 6%
Owner/Other - < 1%
It's important to realize that cash accounted for more sales than FHA financing. If you can qualify for Conventional Financing... I'd suggest using it. Many home sellers feel it is a more secure type of loan and seeing the percentage of FHA loans tell the story.
Important takeaways for February 2016
- Only 17 days of inventory in the $200,000 - $249,999 price range
- More homes were sold with cash than FHA financing
- The chances of selling a home drop to 13% if allowed to linger on the market more than 120 days
- 51% of the homes that sold were 4+ bedrooms
- Only 10% of home sales had 2 or less bedrooms