Checking The Pulse Of The Kansas City Real Estate Market
The final December stats were recently released by the Kansas Association of Realtors and it showed mixed results for the state of Kansas real estate market. Home sales rose 2.6% in the state compared to December of 2010 and the increase continues the pattern of eating into the high inventory of homes experienced in recent years. Despite the increased sales rate, home sale prices dropped from $156,161 to $144,613, a 7.4% fall December 2011 over December 2012. There were 15,274 homes for sale in Kansas at the end of December. Compared against the December sales rate of 2,175 homes sold, that’s 7.0 months of inventory on the market.
Locally in Johnson County Kansas, the December stats were much more impressive. 532 homes were sold during the month. Using that sales rate to compare against the roughly 2,800 homes for sale in Johnson County Kansas, there’s 5.3 months of inventory on the market. That’s nearly a balanced real estate market in Johnson County Kansas. Once the supply and demand stabilizes further and the months of inventory gets down to 3 or 4 months, the home buying opportunities we see today will be a thing of the past.
Posted by Jason Brown
