I contemplated a more negative title for this blog post, as the news I have is not good. But I try to be an upbeat person, believing one can choose to have a gloomy attitude or a positive one. Still, the stats speak for themselves.
Here in the Kansas City metro area, the two most populated counties are reporting a sharp drop in sales compared to 2010. Jackson County home sales down 31.5% in March 2011, compared to March 2010. There were 683 units sold this year ; 997 last year. Average sales price dropped 6.2%. The same for Johnson County: down almost 23% in March 2011 compared to March 2010. There were 719 units sold this year; 932 in March 2010. Average sales price dropped 3.5%
Looking closer at the Brookside area (where I live), in zip code 64113 there were 18 units sold in March 2010 and 20 units sold in March 2011. Average sales price was down: $297,883 compared to $287,995. The Armour Hills subdivision had four sold properties in both March 2010 and 2011; average price down from $221,119 in 2010 to $195,500 in 2011.
Prairie Village, KS followed the trend with 32 units sold in March 2010, average sales price $194,632. In March 2011, 26 units sold, average sales price $193,569.
Personally, I think the lack of a tax credit this spring accounts for the drop in business. Average prices are falling due to the glut of foreclosures and short sale, as well as too much inventory, not enough buyers. The economy for the average middle class person isn't getting any better, and gas prices are way, way up compared to last year at this time. Perhaps sales will rebound as we go through the traditionally strong spring selling season--I certainly hope so!
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