Strong housing demands combined with a very low supply of homes in Johnson County is causing residential property values to climb again this year.
During the week of Feb. 26, the Johnson County Appraisers Office will send home owners in the county a notice of appraised value.
“Because of the high demand and short supply, most residents’ appraised values are expected to go up again this year,” County Appraiser Paul Welcome said. “We appraise homes based on the fair market value — the price it would bring on an open, competitive market, and because of the strong sales, appraised values are up between 2 and 18 percent on average across the county.”
Home buyers looking for a residence in the county are only finding a month and a half supply of homes available for sale. The normal supply of homes is six months. Homes selling at $350,000 and below have the highest demand which results in higher market values for that price range.
“This is the lowest housing supply I can ever recall seeing in all my years as the county appraiser,” Welcome said.
In August 2017, the appraiser’s office formed the Residential Reappraisal Advisory Committee, composed of realtors, lenders and fee appraisers to advise the county staff of current residential market trends.
In 2017, 95 percent of residential real estate values increased. The areas with the greatest increases were in De Soto, Fairway, Gardner, Lenexa, Merriam, Mission, Olathe, Overland Park, Prairie Village, Roeland Park, Shawnee and Spring Hill.
Strong JoCo economy
Across all indicators, Johnson County’s real estate market and general economy are strong and continue to grow.
According to the County Economic Research Institute (CERI) data, there is an increase in the number of Johnson County homes sold by realtors in 2017 from the previous year. The same report finds increases during 2017 in the number of single- and multi-family building permits issued.
Consumer confidence in Johnson County continues to climb. According to CERI’s October 2017 report, the county’s consumer confidence index was nearly 22 points above its level from 2016.
Johnson County’s unemployment rate in November 2017 was 2.8 percent — lower than Kansas City’s and Kansas’ 3.2 percent rates. The national unemployment rate for November 2017 was 3.9 percent.
Appeal deadline March 28
Property owners have until March 28 to file an appeal to provide additional information, ask questions and discuss concerns about the valuation. Commercial property owners received their notice of appraised values in mid-February and have until March 14 to appeal. The data used to assess home values are available to the public online at jocogov.org/appraiser.