Home sales in Prairie Village exploded in 2015...I’ve never seen such a feeding frenzy of buyers converge on new listings in that area before. The real story here is in the mid-priced category--so many buyers were in multiple offer situations. Let’s take a look at the details:
*573 single family homes sold.
*Median list price was $215,000.
*Median sales price was $215,000.
*Average days on market was 22.
*Lowest sales price was $73,000; highest was $1.6 million.
That’s right--the median list price and sales price were the same. Buyers often went over asking price. I saw several closed sales at $10-$30K OVER list price. In the critical first time buyer price range of $225,000-$300,000, 150 homes sold, with a whopping 78, over one half, of the homes selling at list price (25 units) or over list price (53 units).
Wow. That is a very tough market for buyers--most expect to pay a bit below list price, or at least take a second look at the property before making an offer. That wasn’t possible last year--the nicely updated, well maintained homes (especially the ones within a few blocks of the Prairie Village shops) sold immediately, with the sellers often choosing from several contracts.
As a comparison, in 2014 there were 496 closed sales, with a median sales price of $206,500. The number of units sold jumped by 15% in one year, and the median sales price was up 3.9%.
Will 2016 be a repeat of 2015 for PV homebuyers? I predict it will be just as crazy. If you are thinking of buying or selling a home in Prairie Village this year--contact me for a more detailed breakdown of home sales near your property. You can reach me at firstname.lastname@example.org. Thank you for reading my blog!