THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
The “Tale of the Tape” for Kansas City real estate ths week is the continued fall of the Average Sales Price, right alongside the fall of the Average List Value….Add that to falling number of Pending Sales and it’s clearly moving toa more balanced experience for both buyers and sellers. Stir a rising number of Days on Market into the and you have a soup of opportunity for Buyer, as well as Sellers who need to purchase post sale.
Prices aren’t dropping, simply not rising as quickly. Buyers, a great opportunity to connect this with lower interest rates, fewer mutiple offers to compete with, fewer buyers as mortgage purchase application numbers fall.
Sellers? You’ll find strong buyer behavior; just fewer, though, well qualified, very motivated buyers.
Visitkc.com tells us….Hometown History. The Santa Fe, California and Oregon trails originated in the KC metro, a tradition celebrated annually at the Santa-Cali-Gon Days festival. Walt Disney opened his first animation studio in Kansas City, Laugh-O-Gram studios, where he fed a small rodent that became the inspiration for Mickey Mouse.
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!