The low down
- Independence, Raytown, Grandview, Gladstone, Parkville, Mission, and Merriam had declines, but keep in mind the really bad areas were Grandview and Independence with 10 percent decline.
- Johnson County overall wendt down, but several areas maintained or increased a bit.
- Urban Core, KCMO saw the most decline at more than 20%. Keep in mind here that the majority of homes sold through MLS (MLS is where these numbers for this article came from.) And in this area, almost 95% to 100% of the sales were bank owned for 2007. And in the past years the sales looked at in mls were also very high percentages of foreclosures as well. So the renovated homes that were sold for sale by owner, contract for deed, lease to own, or owner finance and not listed in mls or that were refinanced as rentals, these properties more are missed by the analysis. And yes, because we have about 30% to 50% (rough number out of the air here) more foreclosures in 2007 than 2006 in the urban core, the values on foreclosures and all houses in the area are going down, but we can't seem to find in the MLS system very many homes sold that are not foreclosures, rentals, or in need of severe repair. If we were to take a look at all properties sold, and not just bank owned properties, we would probably see a slight decline in prices, but more around 10 % or less and not the 20% in the article.
- Average resale overall for the entire metro, is down 1% and many areas of the country are seeing declines in the 20% and 30%s.
- Downtown saw an increase in condo and loft sale prices, Brookside and old Leawood have increased overall.
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