The real estate market is complicated. That’s why we’re breaking down some of the latest numbers today.
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We’re already into the second quarter of 2018, so we wanted to take a look at some statistics for the different counties around the Kansas City Metro and look a bit deeper at the monthly numbers to see exactly what’s happening.
Let’s start off in Johnson County. For the first quarter of 2018, our median sale price went up about 5.2% to $273,450 from the first quarter of 2017. The average sale price during this time period was also up 4.1% to $324,000. Those are all encouraging statistics. The percentage of asking price received is also up to 98.5%. Homes are staying on the market for an average of 51 days, which is down 5%.
Now let’s look at Clay County, Missouri. The median sale price here is up 12% and the average sale price is up 10.7%. Those are some pretty big jumps. The 54 average days on market is down 10.2% as well.
Over to the west in Platte County, Missouri, we’re seeing a median sale price of $252,000 which is up 1.6%. The average sale price stayed flat at $276,000. The average days on market here has dropped to 58 days, down 13.1% from last quarter.
In Jackson County, Missouri, the average sale price is up 10.5% to $190,049 and the median sale price is up 2.4% to $150,000. The average days on market here is down 13.2% to 59 days.
That’s what we’re seeing through the first quarter, but let’s take a quick look at how things panned out last month.
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For the March 2018 real estate market in Kansas City, here are some quick facts.
Our change in combined closed sales is down 5.3% and our change in combined average sale price is up 8%. The most concerning statistic, however, is the change in combined supply in new and existing home sales. It’s down by 20.8%. There are far more buyers in the market right now than sellers, making things more competitive for everyone. Inventory is down across the metro by 24.5%, leaving us with just 1.5 months of inventory
As far as new homes are concerned, here’s what we’re seeing;
Closed sales are up 12%
Average sale price is up 3.7%
Days on market are up 3.8%
Pending sales are down 2%
Inventory is up 4.2%, but we’re still in a seller’s market.
Here’s the key: If you’re going to be a buyer or seller in the months ahead, make sure you have all the right data and facts pertaining to not only the real estate market, but also the lending environment, the school district, the neighborhood, and even the floor plan that you are looking at. We want to make sure you’re the most educated buyer or seller in the marketplace.
For a full breakdown of all the latest numbers in and around the Kansas City Metro, see the graphs here.
If you have any other questions at all about the real estate market or real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
If you have any other questions at all about the real estate market or real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
