Kansas City Regional Association of Realtors & Heartland MLS recently released their Housing Market Report for the Kansas City Area. Highlights include:
- The average sales price for new and existing homes combined in July 2015 was 3.5 percent higher than in July 2014 at $211.409.
- For new and existing combined in July there were 3,795 homes sold which is 12.1 percent higher than in July 2014.
- Our home inventory again for new and existing homes was 21.4 percent lower this July than last at 10,921.
- The supply of new and existing homes on the market for July 2015 is 3.8 months supply. This shows a favorable market for sellers.
If we take a look at just existing homes for July 2015 vs July 2014 and leave out the new homes we see a few interesting trends:
- Closed Sales: Up 12.2 % over last year and trending up for the past 4 years
- Average Sales Price: Up 4.2% over last year and trending up for the past 4 years.
- Median Sales Price: Up 5.0% over last year and still higher than it’s been for 4 years.
- Days On Market: Down 13% to 60 days on market and huge trend down over the past 4 years.
- % of Original Price Received: up 1.1% at 94.4 % – be sure to note this are all Realtor Listed houses
- Pending Sales: Up 19% and still on a 4 year upward trend
- Inventory: Down 23% and trending down for the past 4 years
- Supply: Down 27.5% and trending down for the past 4 years.
It is our opinion here at MAREI that anyone that has a great house to sell, if priced right for the condition, here in the Kansas City market should be able to sell quickly. This bodes well for wholesalers selling owner occupied homes to rehabbers, wholesalers selling houses to owner occupants with a bit of TLC needed and rehabbers who are fixing up to sell to the general public. If you know your numbers and do things right, houses are selling quickly, despite the fact it is now tougher to get a home loan.