THE INDEXKC- KANSAS CITY METRO MARKET UPDATE
Weekly KC Metro Market Update
The past week saw a slight decline in some key metrics, but overall the market remains strong and there are still plenty of opportunities for buyers and sellers.
Homes listed in the Kansas City area have decreased by 7%. This means that there are fewer properties available for buyers to choose from. However, despite the decrease in listings, the market remains competitive, and quality homes are still selling quickly.
Homes sold have also decreased by 10% in the same period, which may be due to the limited inventory. This has caused the average sell price to drop by 6%, and the average list price to decrease by 5%. This may indicate a slight shift in the market towards more affordable housing options, which could be beneficial for buyers looking to enter the market.
Pending sales have decreased by 11%, indicating a potential slowdown in the market. However, it’s worth noting that this metric can be volatile and is subject to fluctuations. It is important to monitor this closely to determine whether this is a short-term trend or something more long-lasting.
Pro Tip-If you’re serious about your home search, let’s get connected….There are plenty of properties coming to market IF you know where to look! (Think pre MLS)
Finally, the average days on market have increased by 8%, indicating that properties are taking slightly longer to sell. This may be due to the limited inventory, as well as buyer hesitancy due to the increased pressure of inflation. However, with interest rates remaining stable, buyers are still active in the market, and quality properties are still selling quickly.
While there have been some declines in key metrics, the Kansas City metro real estate market remains strong and competitive. It is important to work with an experienced realtor who can provide you with the latest market insights and help you navigate any challenges that may arise. If you are looking to buy or sell in the Kansas City area, now is still a great time to do so.
