Checking The Pulse Of The Kansas City Real Estate Market
The recently released real estate market stats for October show the state of Kansas had further improvements in both average sales prices and volume of home sold across the state. The number of homes sold rose 20.5% in October in comparison to October 2011. This is one of the largest increases I’ve seen in some time and follows up last month’s modest 0.2% increase in volume of homes sold.
Average home sales price rose 3.8% compared to October of last year. This jump in home sale prices follows up last month’s 6.6% increase. Comparing October’s sales rate against the volume of homes for sale, there’s 5.6 months of inventory on the market. The stats a month ago showed Kansas with 6.5 months of real estate inventory. Both calculations represent a balanced real estate market in the state of Kansas and that makes eight straight months that Kansas has been in a balanced market.
More locally here in Johnson County Kansas, the market remains exceptionally strong. Home sales have been solid and there hasn’t been an overwhelming influx of new listings hitting the market. The past 30 days there were 605 homes sold and using that sales rate (compared to the volume of homes for sale in Johnson County Kansas), there’s 3.7 months of inventory on the market. This is an improvement over the 3.9 months of inventory at last month’s check. This is a great trend as we head into what’s traditionally a slower time of year for homes sales.
Posted by Jason Brown
