Statistics provided by the Kansas City Regional Association of Realtors
Kansas City Real Estate Market Stats for September 2016
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
Closed Sales increased 4.4 percent for existing homes and 15.5 percent for new homes. Pending Sales increased 3.7 percent for existing homes but decreased 0.9 percent for new homes. Inventory decreased 31.6 percent for existing homes and 7.2 percent for new homes.
The Median Sales Price was up 10.7 percent to $172,000 for existing homes and 6.6 percent to $353,656 for new homes. Days on Market decreased 21.5 percent for existing homes but increased 3.9 percent for new homes. Supply decreased 33.3 percent for existing homes and 14.5 percent for new homes.
In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
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