Checking The Pulse Of The Kansas City Real Estate Market
The latest Kansas Association of Realtors state-wide real estate stats (covering the month of February) indicate further improvement in both average sales prices and in the volume of homes sold (closed). Home sales increased another 3.4% in February compared to February 2011 market stats, following up last months big 11.6% jump.
Although the state is still in a buyer’s market overall with 7.4 months of inventory on the market, the months of inventory continues to push towards a balanced real estate market – there was 7.7 months in inventory at last months check. 5 to 7 months of inventory is generally considered a balanced real estate market. The rise in home sale prices was even more impressive, with the average sales price rising an incredible 9.7% compared to February of last year. This follows up last month’s identical 9.7% increase.
Locally here in Johnson County Kansas, the real estate market remains solid for home sellers. Over the past month we saw 695 homes sold and comparing this sales rate against the current volume of homes for sale, it calculates to 3.1 months of inventory on the market. This is an improvement over last month’s 3.8 months of inventory. All of this represents a strengthening of the seller’s real estate market that has been present in Johnson County Kansas the past year.
Posted by Jason Brown
