THE INDEXKC- RAYMORE BELTON PECULIAR MARKET UPDATE
Weekly KC Metro Market Update
Interesting to see three cities located so close to one another with such varied micro market behavior. During this past week, Raymore has seen more homes listed, and sold with the fewest days on market of any of the three cities we review. At the other end of the measuring stick is Peculiar, with only a single home listed, 4 more sold, and a whopping 28 days on market.
The sole commonality is zero homes coming back to market….A solid indication that all three of these cities offer a strong demand curve benefitting both buyers and sellers.
Sellers, Cass county homes are still moving relatively quickly, bringing opportunity well into the sales season. Buyers, the ratio of pedning to sold homes defines your opportunity to take advantage of falling interest rates and submit your offers now.
According to Missourilife.com…There used to be a sign on a quiet corner of a quiet street in the quiet town of Peculiar that perhaps best illustrates the city’s unique sense of humor. “In 1861–1864, while bloody battles raged throughout the southern states, nothing happened here,” the metal plaque read. When the occupant of the home where the “Historical Marker” was displayed passed away, his family took the sign with them as a souvenir.
Perhaps it’s just as well. Things seem to be happening in Peculiar that would render the sign’s message obsolete.
The city of Peculiar is located about twenty-five miles south of Kansas City on Interstate 49. The town’s distinctive name was the result of letters dispatched between Edgar Thompson and the United States Post Office. Edgar was the town’s first postmaster and had suggested the name Excelsior, which was rejected because there was already a town in Atchison County using that name. Two other names were suggested, both of those lost to history, both rejected as well. According to legend, the town decided to allow the US Postal Service to decide the town’s name. “We don’t care what name you give us,” the representatives of the yet unnamed town wrote to the postmaster general, “as long as it’s sort of peculiar.”
In his reply, the postmaster general paved the course for the town’s identity. “My conclusion is that in all the land it would be difficult to imagine a more distinctive, a more peculiar name than Peculiar,” he wrote.
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!