How's the Real Estate Market in Zip Code 66216?
The real estate market in zip code 66216 which encompasses both Shawnee and Lenexa, is hot. As of June 5, 2013 there are 107 active homes for sale in zip code 66216. The average list price is $259,309 and average days on market is 82 for active homes. Average list price last month was $195,586. Before sellers get too excited about rising prices, we are seeing prices improve for them. This number means that the inventory mix is changing and more expensive homes are coming on the market. Essentially, the move up market is moving up.
Heartland MLS Listings show 88 homes under contract in zip code 66216. Average list price is $229,151 and they went under contract in an average of 64 days on the market.
Heartland MLS Listings also show 47 homes that closed during the month of May 2013 in this zip code. Average sales price was $228,662 and days on market were 67 for homes that sold. In April, 2013, 22 homes closed and the average sale price was $191,701. Again, we are seeing more action in higher price ranges. Days on market in this zip code were 81 a year ago and 32 last month. This means that some of the older inventory is now selling and closing, thinning the inventory a little.
What Does This Mean to You as a Seller or Buyer?
If a property is showcased to sell and priced right, it will probably go under contract quickly. Buyers need to mentally position themselves to compete in a stronger market than they would have 6 months or a year ago. Loan preapproval by a reputable lending institution is an absolute must before looking at properties. Buyers may find themselves competing in a multiple offer situation. Sellers must still be realistic about prices. Although they are improving, the property must appraise unless it's a cash deal. Appraisers are feeling a little more confident about prices than they did in the last few years, but comparable recent sales still matter. Although markets change, good real estate practices don't. It is wise for a seller to price as closely to the market as reasonable, have the property in the best condition possible, and for buyers to be reasonable in their expectations.
Want to See What Homes are For Sale in 66216?
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