THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
Whew, a lot of information to pull apart this week! Dropping are the number of homes listed, average listing and sales prices, along with days on market. How do we make sense of this?
The turmoil in mortgage interest rates are causing a pause with many buyers, creating a “deer in the headlights” reponse for many. Sellers, on the other hand, are wishing they’d gone to market a couple months ago.
Where does this leave most of our clients? Carefully paying attention to the specific city where they’d like to relocate.
Buyers….let us help you follow the trending lines for stats that aren’t shown. Pay attention to the trending increase/decrease of multiple offers in your area and tie it into the the speed of rise and fall in the diffeence between list/sales values. Then let’s take that a step further….Let’s take that list/sales index and add the rise or fall of average days on market. That’s where we can help you find that sweet spot.
Sellers, let’s do the reverse. While we can’t avoid the impact of changing mortgage interest rates, we can pay attention to the number of homes listed and tie that into days on market and help you make good decisions.
Our friends at Wikipedia tell us….
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.
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!