Kansas City Real Estate First Quarter Comparison 2008 & 2009

By
Real Estate Agent with Chartwell Kansas City Realty SP00229578 2007027091

March of 2009 as compared to March of 2008:
 
Currently, we have 18,553 active listings in Heartland MLS.  
We have oscillated between 17,000 and 22,000 over the last year.
The average sales price in March was  $150,788, last March it was $167,790.  That is down 10%.

There were 2287 Pending contracts this March; 2879 last March.
There were 2105 Closed sales this March;  2490 last March. ~same same.
 
5,106 total sales in the 1st Quarter of 2009  and 

6,411 total sales in the 1st Quarter of 2008. Down 20%.


We could also look at each county in Kansas and Missouri and see that
most are down 11-12% in Average Sold Price from the 1st Quarter of 2008 to the 1st Quarter of 2009. 
One coounty is down 22%; one is up by 2%.
But what does this mean to you?
 

Let's look at one of the popular subdivisions in Brookside on the Missouri side.
Armour Hills:

In the 1st Qtr. of:
 2009   Average sales price was $236,109.

 2008  .................................. $234,958.

 1999   ..................................$143,733.

That's not 20%!   That's not 10%.   That's an increase of 1% in the last year.

Days on market have increased in this particular neighborhood but theSold price has not changed significantly.
So, if you bought a home in Armour Hills last year, you should not have lost any equity.
If you bought in Armour Hills 10 years ago, you can probably sell now and be very happy.
 
 
How about Prairie Village, on the Kansas side?
In the 1st Qtr. of:
 2009 ...........$186,055.
 2008 ...........$205,941. 
 1999 ...........$131,913. 

Looks like it's dropped about 9% this year. Prairie Village is not a small place though,
I would look more closely at each home before listing yours. There were several high dollar sales within the Village in 2008 which pushed the average sold price up.
This year, there are a number of 1st time buyers buying homes in the lower end of the price range in PV. They want the SM East school district even if they have to live in the smallest house on the busiest street. Selling your Prairie Village home will require an evaluation of specific smaller areas within the Village to set the price. To get the highest price, your home will need to be in pristine condition.
If you bought a home in PV 10 years ago, you can probably sell now and be happy. If you bought last year, don't move.


How about the neighborhoods between the Paseo and Troost between 55th & 75th St?
In the 1st Qtr of 
 2009 .............$27,602 
 2005 .............$50,952 
 1999 .............$41,606 

This one doesn't look very attractive, does it?  But if you bought a home for $18,000 in 2001 and can sell it for $69,000. today, you might be happy.
This particular part of our city has a high percentage of foreclosures and bank owned properties.
Anytime a neighborhood has bank owned properties in it, the rest of the home values are affected in a negative way.
There are whole subdivisions in our city where 20-50% of the homes for sale are REO's. Values in those neighborhoods have plummeted. If you own in one of these neighborhoods, you will most likely take a huge loss if you sell now.
The formation of Home Owner's Associations would help these neighborhoods regain their value sooner. 

 

Now let's look at Mission Hills:
In the 1st Qtr. of Year Avg. Sold Price Days on Market
2009 $1,491,333. 98
2008 $2,082,233. 291
1999 $1,269,250. 1


Wow, that's a big change! But only 3 homes were sold in each of  the 1st quarters of 2008 & 2009.

So, if you are thnking of selling your Mission Hills home, we will need to evaluate the home a little bit differently
than we evaluate homes at a lower price point. Homes listed at $750,000. and above generally take longer to sell.
In Kansas City, we still have more than a 5 year inventory of multi-million dollar homes. There is a smaller buyer pool for this price point. The buyer pool is split between those who want to move out to the suburbs and those who desire to remain close in. Focused marketing is key.



Heartland MLS encompasses over 5,000 square miles and more than 17,000 listings.

Researching numbers and statistics is interesting but when you are ready to buy or sell your home, your best resource will be your realtor.  
There are too many considerations that cannot be put into neat little boxes.

 

*Data provided by Heartland MLS. All information is deemed reliable but not guaranteed. Brief, general analysis of quoted  statistics by Maria Morton, Pruedential Kansas City Realty. Before placing your home on the market, please consult a realtor for a focused analysis of your competitiion and an in depth evaluation of your home.

Prairie Village homes for sale

Homes for sale in Romanelli Gardens

Homes for sale in Armour Hills

South Plaza / Sunset Hill

 

 

 

 

Posted by

Maria Morton,Realtor© Call 816.560.375Eight Mobile.     Google Maria 

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*Information obtained from Heartland MLS is deemed reliable but not guaranteed. *This is an eclectic blog combining business with a little humor; please consult a licensed  professional before making life altering decisions. ♪♫  

Maria Morton of Chartwell Kansas City Realty is a licensed Real Estate Agent in KS & MO.  816-877-8200 Office 

4141 Pennsylvania Ave Ste 105 Kansas City, MO 64111   Maria Morton Copyright © 2008-2018 

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