THE INDEXKC- KANSAS CITY METRO MARKET UPDATE
Weekly KC Metro Market Update
Hey there, fellow Kansas City residents! It’s that time of the week again where we take a look at what’s been going on in our real estate market.
First things first, let’s talk about the number of homes listed. We saw a slight uptick of 1% in the number of homes listed compared to last week. That’s not a huge increase, but hey, any increase is a good thing, right? It’s a sign that more homeowners are feeling optimistic about the market and are ready to put their homes up for sale.
Now, on the flip side, the number of homes sold this week actually decreased by 10% compared to last week. But before we panic, let’s remember that real estate is a cyclical market, and we’re bound to see some fluctuations from time to time.
Let’s talk numbers! The average list price for homes this week increased by 5%, while the average sold price increased by 4%. For sellers, this is great news! It suggests that demand is high and buyers are willing to pay a premium for their dream home.
Price reductions were down by 11% this week, which is also great news for sellers. This means that properties are being priced more accurately from the start, reducing the need for price reductions down the road.
On the buying side of things, pending sales were up by 2% this week. This is a good sign that there are more buyers in the market and that they’re actively looking to purchase a home.
Finally, the days on market increased by 30% this week. This is likely due to the news regarding the economy as a whole; the Federal reserve Bank offerred a small increase in rate which in turn increases the cost of short term financing such as credit cards, auto loan, etc. Most importantly, we have major employers warning layoffs might be in the forecast as inflation continues to affect corprate bottom line profits.
Don’t worry, we expect to see a rebound in the coming weeks as the spring selling season kicks off.
PRO TIP- for all you buyers and sellers out there. When it comes to pricing your home or making an offer, don’t rely solely on online estimates or automated algorithms. While they can be helpful, they don’t take into account the nuances and unique features of your home or the local market.
Instead, work with a professional realtor who knows the market inside and out. We have access to data and insights that you won’t find online, and we can provide you with a personalized analysis of your home’s value or the fair market price for a property you’re interested in.
Remember, real estate is a complex and ever-changing market, and it’s important to have a knowledgeable and experienced realtor on your side to guide you through the process. So, if you’re thinking of buying or selling a home, don’t hesitate to reach out to us for help. We’re here to make your real estate journey as smooth and successful as possible.
Overall, it’s been a pretty interesting week in the Kansas City real estate market. As always, we’ll keep you updated with the latest news and trends. And if you’re thinking of buying or selling a home, don’t hesitate to reach out to us for guidance and advice.
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