Jackson County Home Prices and Inventory
Kansas City is located in Jackson County, Missouri (MO). Other cities within, or partly within, Jackson County include: Independence, Grandview, Oak Grove, Grain Valley, Raytown, Lake Lotawana and Lee's Summit.
For the years 2002 - 2009.
Looking at the chart above, we see that the Average Sales Price for all homes sold in Jackson County, Missouri peaked around the year 2005. I think we all knew this just as we all know that the average home price in zip code 64113 is significantly higher than the average home price in zip code 64030.
Now, take a look at the inventory of homes for sale in Jackson County, Missouri during the same period of time:
The inventory of homes available for sale peaked about two years after the average sales price peaked. This is a classic example of supply and demand.
What will the numbers be for the year 2010? So far, the inventory is staying at 2009 levels and the average price has not changed significantly but we are only in February of 2010 so we will have to wait 10 more months to see what happens to our home values in Kansas City.
***Please bear in mind that these Average Sales Prices are for every home sold in Jackson County during 2009. The 2008 Census count for people in Jackson County was 668,417. In Lee's Summit, right now, the average list price is around $250,000; at Lake Lotawana, it's around $525,000; in Armour Hills subdivision, it's around $230,000. The bank foreclosures are also included in the numbers used to derive average sales price for homes. The charts above give a good overview of how inventory affects the average home price but in no way indicates the average price for homes in your neighborhood.
All data compiled from Heartland Multiple Listing Service; information is deemed reliable but not guaranteed.
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