THE INDEXKC- KANSAS CITY METRO MARKET UPDATE
Weekly KC Metro Market Update
Welcome to your weekly market update from Team Real Estate! Let’s delve into the latest figures and trends that have emerged in the past week.
Starting with the number of homes being listed, we’ve witnessed a notable increase of 19%, with 672 homes coming on the market this week. This surge in new listings suggests heightened seller activity and expanded options for buyers.
However, the average list value has experienced a slight decrease of 3%, settling at $366,950. This adjustment in list prices may present an opportunity for buyers looking for more affordable options in the market.
In line with the list value, the average sold price has also declined by 3%, reaching $370,203. This could reflect a balancing of prices as buyers and sellers negotiate within the current market conditions.
On another note, the number of listings with price reductions has seen a significant increase of 38% from last week. This indicates that sellers are adjusting their pricing strategies to attract potential buyers and stimulate activity.
Additionally, there has been a 25% increase in the number of homes going back on the market, totaling 136 listings. This could be attributed to various factors such as failed contracts, financing issues, or buyers reconsidering their purchase decisions.
As for market velocity, the average number of days on the market has risen by 3% to 30 days. This suggests a slightly longer selling process compared to the previous week. Sellers should consult with their real estate agents to optimize their marketing efforts and enhance property appeal.
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