The March Kansas City home sales report just came out for our regional area and the outlook continues to improve across the board. ALL counties in our region (Johnson, Jackson, Clay, Leavenworth, Cass, Miami, Platte and Wyandotte) experienced increases in price on existing home sales.
– The average sale price for the entire region was $151,140 and this is a 5% increase from one year ago.
– Existing home sales for March totalled 2,126. This is a 7% increase over the 1,980 in March of 2012.
– Existing home inventory for March (how many active listings) was at 10,826…a 17% reduction of the 13,045 we had at this time last year.
– Based on the number of existing home inventory (active homes on the market) and dividing by the 12 month average of monthly sales, we can calculate something called months of supply. For March of 2013 our region had 5.3 months of supply. I know this is boring, but stick with me. This means that it would take 5.3 months to get all of the active homes sold based on the current sales trend. This is down from 7.1 months from this time last year.
Months of supply is a good indicator of current market trends and who they favor…the buyers or the sellers. 5-6 months is generally considered to be a balanced market, where less than 5 months favors the sellers and more than 6 months favors the buyers. Why does this matter to you? Having awareness of your market area trend will guide you in your pricing and negotiating. Ask your agent to provide you with this.
Clearly, 8 counties is a broad area so if you are wanting data specific to your area, just contact me and I’ll email a report to you on your subdivision if you like.
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