THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
“The Swing” keeps on rolling even though mortgage interest rates have fallen slightly over the past week.
Homes Listed is rising, while Homes Sold stayed roughly equal, and Days on Market….OHHH YESSSS inventory numbers are rising. While Days on Market stays the same….Translates to a slightly rising numbers of homes going under contract.
Listed Sales Values are rising, in contrast Sold Values are stabilizing(?). Yes, makes sense as home values crawl upwards, sales values are trending flatter.
Summary….It’s time to buy while buyers scared of slightly higher interest rates withdraw their interest levels. Fewer mutilple offers, longer days on market….The process is trending to favor more buyers.
Check out the number of price reductions and the watch the days on market continue to extend as the market shifts….The shift is driven by several factors; rising mortgage interest rates, falling numbers of new build permits, buyer pool exhaustion/contraction….and the wild card, inflation.
If you’ve got questions regarding the impact of the shift on your search or the value of your home, we’ve got answers!
Straight out of Wikipedia, read below!
The Kansas City metropolitan area is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). With 8,472 square miles (21,940 km2) and a population of more than 2.2 million people, it is the second-largest metropolitan area centered in Missouri (after Greater St. Louis) and is the largest metropolitan area in Kansas, though Wichita is the largest metropolitan area centered in Kansas. Alongside Kansas City, Missouri, these are the suburbs with populations above 100,000: Overland Park, Kansas; Kansas City, Kansas; Olathe, Kansas; Independence, Missouri; and Lee’s Summit, Missouri.
Business enterprises and employers include Cerner Corporation (the largest, with almost 10,000 local employees and about 20,000 global employees), AT&T, BNSF Railway, GEICO, Asurion, T-Mobile (formerly Sprint), Black & Veatch, AMC Theatres, Citigroup, Garmin, Hallmark Cards, Waddell & Reed, H&R Block, General Motors, Honeywell, a Ford Motor Company factory, The Kansas City Star, Bayer, Children’s Mercy Hospital, Truman Medical Center-Hospital Hill, and Andrews McMeel Universal (representing Garfield, Calvin and Hobbes, and Doonesbury). Shopping centers include City Market, Crown Center, Country Club Plaza, Independence Center, Legends Outlets Kansas City, Oak Park Mall, Ward Parkway Center, and Zona Rosa.
Cultural attractions include the American Jazz Museum, Union Station, the National World War I Museum, the Nelson-Atkins Museum of Art, Kemper Museum of Contemporary Art, National Agricultural Center and Hall of Fame, Arabia Steamboat Museum, Uptown Theater, Midland Theatre, the Kansas City Zoo, Swope Park (featuring Starlight Theater), Sandstone Amphitheater, the Kansas City Renaissance Festival, Worlds of Fun, Oceans of Fun, and several casinos. Sports franchises include the NFL‘s Chiefs, the MLB‘s Royals, the ECHL‘s Mavericks, Sporting KC, and Kansas City Current.
Historic features include these: the confluence of the eastern endpoints of the California, Santa Fe, and Oregon Trails in Independence; the Harry S. Truman Historic District; and the neighborhoods of Westport, 18th and Vine, and Pendleton Heights. Historic cultural origins include KC styles of jazz, vaudeville theater, barbecue, and steak.