THE INDEXKC- PARKVILLE PLATTE CITY RIVERSIDE KC METRO MARKET UPDATE
Mortgage rate increases effect all three of the major metro areas within Platte County differently, take a look at the chart below.
Buyers, rating the three major metro areas in Platte County, (in order from least expensive to most expensive), Platte City, Riverside, and Parkville are all showing strong sales to list relationships. Both Platte City and Riverside homes are moving more quickly than the average days in the balance of the metro. Parkville, representing the most expensive homes, is of course showing the longest days on market.
Sellers be prepared to bring your home to market with a list value reflective of current market conditions. Sellers with the desire to market list values that made sense kast July (and no longer have relevance as mortgage rates have risen), will experience price reductions.
All three cities deliver great momentum with list and sales values within roughly 2% of each other, homes listed and sold inventories almost a 1 for 1 relationship. This market balance means a great opportunity for both buyers and sellers.
Our friends at Wiki tell us….
Parkville is a city in Platte County, Missouri, United States and is a part of the Kansas City Metropolitan Area. The population was 7,177 at the 2020 census. Parkville is known for its antique shops, art galleries, and historic downtown. The city is home to Park University, English Landing Park and National Golf Club of Kansas City (this includes the neighborhood – The National) and has a private reservoir with houses around it named Riss Lake.
Platte City was founded by Zadock “Zed” Martin and was incorporated as a city in September 1843. On December 16, 1861, Colonel W. James Morgan’s Union Squad razed Platte City, including the courthouse. The Platte County Fair held annually just outside Platte City began in 1863 and is the oldest continuously operating fair west of the Mississippi River. On April 3, 1882, Jesse James planned a robbery of the Platte City bank, but it was never carried out due to his assassination by Robert Ford on the morning of the raid.[7] On July 19, 1933 Bonnie and Clyde were ambushed by, and engaged in, a shootout with local authorities just south of Platte City at the Red Crown Tourist Court. The Frederick Krause Mansion and Platte County Courthouse are listed on the National Register of Historic Places
Riverside lies on the edge of the Missouri River and was formally incorporated in 1951.[6] For many years, the town was known for its Riverside Race Track. The Riverside Park Jockey Club operated from 1928 to 1937 and was popularly called “Pendergast Track” after its patron, big city boss Tom Pendergast (although Pendergast was not officially on its organization papers). The horse racing track was on the site of a former dog racing track.[7] The track operated under a questionable legal basis. The site was supplanted by an automobile race track, which closed in the 1990s. A legal gambling establishment on the river now is the $106 million casino run by Argosy Gaming Company.
One of the landmarks in Riverside is the Riverside Red X store. It was founded as a gas station in 1948 by Edward Young. Over time, Young expanded the store into selling many different product lines. Young and local business owners Ferd Filger and Dr. Thomas M. Eagle led the incorporation of Riverside in 1951, after both Parkville and Kansas City expressed interest in annexing the area. As of 2015, the store was still owned by the Young family and was well known around the Kansas City area for selling cheap beer, wine, cigarettes and gasoline.[8]
The Renner Village Archeological Site was listed on the National Register of Historic Places in 1969.[9]
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!
