Checking The Pulse Of The Kansas City Real Estate Market
As a tumultuous 2009 comes to a close, it’s time to analyze our local market stats from a little different perspective. Rather than looking at a specific city or micro-analyzing a particular subdivision, below we take a look at the Kansas City metro market as a whole and break things down by price range. The following includes single family properties only and uses an absorption rate calculated using the average monthly sale’s rate over the past 6 months in each price range…
| Price Range | Active Listings | Months of Inventory |
|---|---|---|
| Under $50,000 | 1,382 | 6.8 |
| $50 to $100 | 2,819 | 10.0 |
| $100 to $150 | 3,274 | 10.5 |
| $150 to $200 | 2,696 | 8.8 |
| $200’s | 2,315 | 7.6 |
| $300’s | 989 | 8.8 |
| $400’s | 445 | 8.4 |
| Over $500,000 | 872 | 16.8 |
Other than upper bracket homes, there’s a high volume of inventory in the $50,000 to $150,000 range. Since months of inventory factors in the sales rate within the price range, the high numbers in these price ranges can’t simply be chalked up to there being more homes in the particular price range. There’s simply a lot of homes on the market for the buyer demand that’s out there for this price range of home.
The $200’s price range is the most stable price range in the metro area, with 7.6 months of inventory currently on the market. If you’re a buyer looking for a home over $500,000, you should be pleased when you see what your money can buy you in today’s real estate market. Certainly, with more than 16 months of inventory on the market in the upper bracket price ranges, you’ll find some motivated sellers.
Posted by Jason A. Brown
