THE INDEXKC- KC METRO MARKET UPDATE
Weekly KC Metro Market Update
The INDEXKC is is handling conflicting data this week, as interest rates drop a bit, while sales slip. Homes sold dropped dramatically last week to this week, down 29%. List and sales values rose together, while homes listed dropped a bit. How do buyers and sellers internalize the mixed message; mortgage rates fall and sales decresase.
Simple….Homes sold numbers trail mortgage rate changes by 30 days or so….No confusion there. The bigger issue is the rising days on market numbers, up from 16 days to 21 days for the metro.
Buyers and sellers, that 31% rise in days on market is the bellweather measure of the KC METRO MARKET UPDATE. Buyers, don’t wait, write the offer on the home you want while fewer offers are being written on your dream home. Sellers, fewer offers aren’t an issue as long as you don’t wait into the Fall to list your home.
Our friends at kids.kiddle.co tell us when we see Kansas City on a satellite map….The larger Missouri River is zigzagging from west to east; the much smaller Kansas is approaching from the southwest and joins it at Kaw Point in Kansas City, Kansas. Downtown Kansas City, Missouri, is immediately southeast of their intersection and North Kansas City, Missouri, is to its northeast.
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!