Topeka Among Five Strongest Housing Markets in Median Price Tier

An article appearing in the July 27 issue of The Title Report speaks to Topeka being one of five strongest housing markets for major metro areas among single family residences in the median price tier. The source of the statistic was Vero Real Estate Solutions, and the document was their quarterly annual forecast showing expectations from July through June 30, 2010. The predicted five strongest markets are Lubbock, TX; Oklahoma City, OK; Waco TX; Topeka, KS and Springfield, MO. They project that markets already hit hard will stabilize over the next year.

The central part of the nation has thus far been largely unaffected by the rapid price appreciations that were seen in many other geographic areas. Consequently, this region is moving forward without distress from the depreciation felt elsewhere and is experiencing minor growth. While our year to date sales are behind 2008 year to date we have seen an improvement over the past two months. Other indications of a strong market in Topeka are the days on market which is the same as 2008 and an increase in the average sales price of 3.2%.

There is still time to take advantage of the first-time homebuyers tax credit where qualified buyers can receive up to $8,000 towards the purchase of their home. Interested buyers should contact a local REALTOR® soon as properties must be bought and closed by November 30, 2009.

From the Veros website –(explains briefly how they do their forecasting):

“We’ve been releasing results over the past five years, in both up and down markets,” Darius Bozorgi, president and CEO for Veros explained, “and our models are consistently accurate in both. Our models forecast market swings and changes better than any product on the market.” The forecasts, based upon the VeroFORECAST models, reflect projected market gains and declines for single family residences in most major metropolitan areas and some non-metro areas, reflecting 75 percent of the nation’s population. These forecasts are not based on a single variable. Veros applies more than 50 factors in its analytics to develop these trends, including interest and unemployment rates, inflation, current housing inventory and other economic and geographic factors. This contributes to making VeroFORECAST results the most accurate forecasts in residential real estate markets. The Topeka Area Association of REALTORS® Inc. serves more than 440 members in all phases of the real estate industry.