JANUARY HOUSING MARKET STATISTICS

Home sales in the region were down 32% over last month and down 22 % from January 2008.  Combined home prices decreased an average of 17% over last year.

New home sales saw a 33% decrease over last month with a similar 35% decrease over sales 1 year ago.  Average prices of new homes rose 7% to $306,927 from $286,162 1 year ago. 

Existing home sales were down in January 32% over last month and 22% from one year ago.  Existing home prices is 21% lower than January 2008.

We continue to see inventories shrink in new homes, but existing properties inventory increased 3% over last month with a decline of 9% over January of 2008.  With the down turn in sales, we saw new home inventories increase from 15.2 months all the way to 22.3 months in January, the highest amount in the last 12 months.  Existing home inventories also increased in January to 13.2 months from 8.8 months last month.  Clearly the buyer still has the edge.

Generally speaking, a 5-6 month supply of homes on the market is a balanced market. When supply exceeds 6 months, the market begins to favor buyers and when the supply is less than 5 months, the market tends to favor sellers.  

Source: Kansas City Regional Association of REALTORS and Heartland Multiple Listing Service  

Copyright 2009. KCRAR is the "Voice for Real Estate in the Kansas City Area"  

MARKET COMMENTARY FOR JANUARY 2009  

MARKET STATISTICS FOR JANUARY 2009  

Should you want market statistics for your neighborhood, contact Ron Mowery, Real Estate Professional at (913) 269-0479 or email him at Ron@JoCoHomesOnline.com