Kansas City Real Estate Mid Year Report 2009
The number of sales seems to have increased each month this year although prices, in most cases, are within ~11% (+ or -) of 2002 levels.
The chart to the left depicts the number of overall sales per month in Heartland Multiple Listing Service (MLS).
(please ignore column1 & 2)
It appears that the number of sales have increased each month. While the number of homes being sold is increasing, the average sales prices have declined in most areas. So far this year, the average sales price is at $156,903. In 2008 the average sales price was at $173,445. Overall for the Heartland region, sales price is down 7.5% from last year and down 3.4% from 2003.
When considering the Kansas City Real Estate Market one needs to remember that Heartland MLS covers more than 5,000 square miles so there are a lot of areas, neighborhoods, and subdivisions to take into account.
If we look at Johnson County Kansas, for instance, we see that the average sales price is up 11.5% from the average sales price in 2002 but down 5.3% from the average sales price in 2008.
To the left is a chart depicting the number of New Listings, Pending Listings, and Sold Listings for each month thus far in 2009.
Big hike in new listings this June! Is that because many buyers think that this is a good time of year to sell their home? Or is it because banks are putting out their REO properties at certain times?
What about the increase in Pending sales? High end homes with far off closing dates? Or are we seeing the result of the new HVCC and TIL regulations?
Here's what Jackson County, Kansas City, Missouri looks like for the same time period:
New Listings seem to be on the rise on both sides of the State Line. In June of 2009, we had 19,672 Listings Total. In 2008, we had 26,480 Listings Total. In 2007, we had 28,788 Listings Total.
By Listings Total, I mean in ALL of Heartland MLS.
An overall picture is very helpful when determining how to price and market your home. When looking at the Kansas City Real Estate Midyear Report, please keep in mind that more specific analyses are needed prior to listing.
Zip Code 64113 in Kansas City, MO.
Zip Code 66208 on the Kansas side.
This Kansas City Real Estate Midyear Report is encouraging, just as Chairman Bernanke's comments and Lawrence Yun's mid year report for the nation are encouraging.
Homes priced below $300,000 are moving. We still have close to a 2 year inventory of $1 million + homes. Many first time buyers were able to take advantage of the $8,000. Tax Credit but not all will complete their purchase by the November 30 deadline this year. I'm seeing a larger number of serious buyers and reasonable sellers out there.
Have we hit bottom? No one can know for sure until after the fact but I would not be surprised if we saw a little dip before we see the slow, steady upward climb that we all want to see.
So should you buy or sell? That depends on your particular situation. Each individual is unique. Some sellers have done well in this market. Some buyers have done well. There are still investors buying, fixing up, and selling at a profit.
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If you are thinking of buying or selling your Kansas City home, I would be delighted to schedule a consultation with you to help you determine what can be done in your particular situation.
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Thanks for reading!
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