We at The GreatLife Team of KC love talking real estate, with the question we get most often being: ‘So, how’s the market?’ And, the bottom line is that it always depends on WHERE you are talking about--you know, that location, location, location thing. But, having said that, there are certainly some national and local trends worth highlighting and comparing, and, recently, The National Association of Realtors did just that, analyzing 2013 first-quarter numbers for the Kansas City area, and, comparing them to national averages and market trends. Here’s some highlights of what the NAR came up with for residential real estate in the Kansas City-Metro** vs nationally for January - March, 2013:
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Residential Market Activity in Kansas City vs U.S. Trends, 1st Quarter, 2013
Source: National Association of Realtors
Current Median Home Price: $133,100 vs $176,033
Prices are up from a year ago, but price growth is slowing
1-year (4-quarter) Appreciation 7.0% vs 11.2%
3-year (12-quarter) Appreciation 1.8% vs 5.8%
3-year (12-quarter) Housing Equity Gain* $2,400 vs $9,667
Gains in the last 3 years have helped to pull the local market out of the postrecession price weakness
7-year (28 quarters) Housing Equity Gain* -$16,900 vs -$40,867
9-year (36 quarters) Housing Equity Gain* -$9,200 vs -$5,033
Report NOTES:
*Equity gain reflects price appreciation only
**The Kansas City metropolitan area is defined by the U. S. Government as including in Missouri and Kansas: Bates County, Caldwell County, Cass County, Clay County, Clinton County, Franklin County, Jackson County, Johnson County, Lafayette County, Leavenworth County, Linn County, Miami County, Platte County, Ray County, and Wyandotte County.
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Obvious here, as is often discussed in KC is:
- A local cost of living is way below national averages (as reflected in the Median Home Price)
- We tend to ride-out gentle waves vs. huge peaks and valleys (as reflected in Appreciation/Gain, and, longer-term Equity Gain[loss] numbers)
- Kansas City is headed in the right direction!!!
Contact us if you would like to discuss this report or explore the real estate market in YOUR neighborhood--again, we LOVE to talk Real Estate!
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