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County Appraiser notes impact of coronavirus pandemic on housing market and home construction

The 2021 Revaluation Report by Johnson County Appraiser’s Office reveals an active housing market and home construction in 2020 despite the COVID-19 pandemic.

On March 1, the Johnson County Appraiser’s Office sent more than 200,000 property owners Notices of Appraised Value with the average single-family home value increasing 4.5% compared to 2020. The mailings follow the release of the 2021 Revaluation Report to the Board of County Commissioners by Johnson County Appraiser Beau Boisvert.

“In some property types, we actually did pretty well, in others, not so well,” Boisvert said. “Some of it dealt with the pandemic and the situation we’re in at this point in time.”

The report indicated 70% of residential properties experienced an increase in appraised value. Approximately 17.5% had a decrease and 12.5% had no change. Reappraisal of commercial property increased 2.08% over the prior year.

According to the County Appraiser, a property’s appraised value will go up or down depending upon the local housing market. When supply is low and demand for homes is high, property values increase. As the sale price of homes in Johnson County continues to go up, the appraised value of homes will rise as well, Boisvert explained.

Residential property sales jumped from 14,962 in 2019 to 18,172 in 2020. That was highest level in more than a decade.

Boisvert said new home construction had “positive growth,” increasing 1.11% with 1,867 building permits issued in 2020.

“This is the second highest number of permits over the last 10 years,” he added.

This year, northeast Johnson County is seeing the highest increases because of the growing demand for the many different homes in Prairie Village, Roeland Park, Merriam and other northeast cities. Older areas in the southeast and northwest sections of the county are experiencing similar pressure on sale prices for the same reasons.

Boisvert cites a continued short supply of homes for sale, resulting in a seller’s market. Low mortgage rates in 2020 also generated more interest in homeownership.

There were just over 750 homes listed for sale. Boisvert says this equates to less than 1-month supply of homes; a 6-month supply of homes is considered a balanced market.  

A short supply of homes is also driving prices up. As of December 2020, there was a 9.6% increase from average sale prices for existing homes - $348,450 in 2019 compared to $381,969 in 2020. The average selling price for a new single-family home was $558,000 last year, up from $520,000 in 2019.

Four features for your appraisal:
1.    Mapping and valuation in one location
On a single webpage, you can find all the mapping and appraisal detail about a residential property including photos, diagrams of neighborhood layouts, owner name and appraised values for the last several years. View this information at jocogov.org/dept/appraiser/property-data.
2.    Look up your NOAV online
You can access your Notice of Appraised Value anytime, anywhere you have internet access.  A downloadable PDF is available through a quick search of your property at jocogov.org/dept/appraiser/property-data.
3.    Appeal your appraisal online
Commercial and residential property owners can file an appeal of appraised value online. For more about the appeals process, visit us online at jocogov.org/dept/appraiser/general-information/appeal-process.
4.    NEW Drop Box at Sunset Campus
The Appraiser’s Office is pleased to announce that a permanent DROP BOX has been installed. For the convenience of our citizens, it is located outside next to the building’s front LOADING ZONE at 11811 S. Sunset Drive in Olathe.  The DROP BOX is for residents to drop off Informal Appeal applications and evidence only.

Upcoming Dates:
May 1        Notices of Appraised Value mailed to personal property owners
May 15       Deadline for filing a personal property valuation appeal.
June 1        Appraiser certifies appraisal roll to RTA.
 

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