The numbers are in for December 2009 and the real estate market in Lees Summit is doing well... contrary to what the talking heads may lead one to believe.

Here is the data as compiled by Heartland MLS

Available Homes for sale: 919
New Listings: 135
Average List Price: $243,985
Homes "under contract": 26
Homes SOLD: 108
Average SOLD price: $226,682
Sales to List Price 95.6%
AVG Days on Market (DOM) 128
Number of homes withdrawn from market: 4
Number of homes Expired from market: 89
Number of homes back on market: 42

The good news is that homes that are priced appropriately are selling.  What we are observing is that a home that is priced well and in good condition should be under contract in about 90 days.  Lower priced or affordable homes are selling much faster.  In fact, we still have a shortage of homes that are in good condition and priced below $150,000.  I expect this to continue through April as first time buyers are pushing to get their purchases made in time to qualify for the FTHB TAX CREDIT.

The bad news is that we have yet to see the sellers of the affordable homes move up and start absorbing the middle and upper middle priced inventory.  Luxury homes sells are still a bit anemic.  Once you reach the 300k price point there seems to be a lot less activity.

I expect the first quarter to be moderate to strong with affordable homes sales leading the way.

Some neighborhoods are still very popular so one has to look at the specifics before making a blanket generalization concerning homes values in Lees Summit.

Should you have questions about a specific neighborhood or school district or zip code, give me a call or drop me an e-mail. I would be happy to help.

David Nichols

DN@MyKCHomeTeam.com

816-536-1334