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THE INDEXKC- KANSAS CITY METRO MARKET UPDATE

THE INDEXKC- KANSAS CITY METRO MARKET UPDATE

Hello, Kansas City! Team Real Estate is back with your weekly real estate update, and it’s been quite a ride in our local housing market. Let’s take a closer look at this week’s figures and see how the landscape is evolving going into Christmas.

Fewer New Listings, Stronger Prices

First off, we’ve seen a significant 17% decrease in the number of homes being listed this week, with 336 homes hitting the market. This reduction might be due to seasonal factors or evolving seller strategies.

On the flip side, the average list value has experienced a 4% increase from last week, reaching $345,458. This suggests growing seller confidence in pricing their properties competitively. This looks to change further as interest rates continue to fall over the coming weeks. If you’re considering buying, now may be the time before prices and the number of buyers increase!

Price Growth Continues

The average sold price is up by an impressive 8% this week, now at $368,406. This significant increase indicates robust demand in the market and competitive pricing.

Price Reductions on the Decline

One noteworthy trend is the continued decrease in the number of listings with price reductions, down another 36% from last week. Sellers seem to be finding the right pricing balance to attract buyers.

Transactions and Pending Homes

Transactions continue to move forward, with the number of homes going back on the market up by 13%. This could be influenced by various factors, including financing issues or inspection contingencies.

However, the number of pending homes has decreased by 23% to 411. This might be a temporary shift in buyer activity, and we’ll be keeping a close eye on this in the coming weeks.

Days on Market

The average number of days on the market has increased by 24% to 46 days. Homes are taking a bit longer to sell, potentially reflecting market adjustments or seasonal patterns.

In summary, the Kansas City real estate market continues to evolve, with fewer new listings but increasing list values. Prices are on the rise, showing strong buyer interest.

Whether you’re a buyer or a seller, navigating this changing market is essential. Team Real Estate is here to provide guidance and expertise to help you make informed decisions.

Stay tuned for next week’s update, and have a wonderful week ahead, Kansas City!

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THE INDEXKC- KANSAS CITY METRO MARKET UPDATE

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