THE INDEXKC- PLATTE COUNTY KC METRO MARKET UPDATE
Platte County KC Metro Market Update
The INDEXKC is pleased to deliver this week’s market update update of Platte County, Missouri. Listing and sales number are robust, with relatively few homes coming back to market for a second opportunity for purchase. The interesting ratio is the number of new listings (33) compared to the number of homes sold (44), defining the shift toward a more balanced market.
Coupled with interest rates that took a step downward, these numbers demonstrate a trend toward greater inventory availability. Make no bones about it, Buyers confused by the up and down movement of interest rates are standing aside for calmer waters, while those willing to move forward are finding less competition in the form of multiple offers.
The experts at Wiki tell us….
Platte County is a county located in the northwestern portion of the U.S. state of Missouri and is part of the Kansas City metropolitan area. As of the 2020 census, the population was 106,718. Its county seat is Platte City. The county was organized December 31, 1838, from the Platte Purchase, named for the Platte River. (Platte is derived from the French word for a low, shallow, or intermittent stream.) The Kansas City International Airport is located in the county, approximately one mile west of Interstate 29 between mile markers 12 and 15. The land for the airport was originally in an unincorporated portion of Platte County before being annexed by Platte City, and eventually Kansas City.
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!