THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
Weeks ago, we brought the message to the masses; “There is no bubble on the way”, clearly communicating the relationship between supply and demand. You see, as long as demand outpaces supply, prices rise.
This week we see the Number of Homes Listed drop 14% week over week, while List Prices rose 3%, and correspondingly, Average Sales Value rises 2% as well.
At the same time Price Reductions rose 13%, and Days on Market dropped 5%.
Buyers are jumping in, confident they will face less competition; sellers are convinced they will see Sales Values rise.
Both sides are winning.
Funfact….According to usa.com, there are 167 cities and towns in the Kansas City area.
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!