April 6, 2015
Kansas City Real Estate Market Report for February 2015
The latest stats for the KC area are out.
Overall, the market is looking hot, and homes are moving fast! Here are some quick stats:
- Closed sales (actual home sales) are up 3.6% over last February
- Average sales price is up 10.9%
- Supply is DOWN 8.9%
- Inventory for new homes is nearly 7 months’ worth
- Existing home inventory is less than 4 months’ worth, making existing homes a hot item.
That’s the gist of it, but let’s talk about #2 and #3 for a minute:
Remember your college days? The basic principles of Economics are Supply and Demand: the more supply there is, the less demand will exist for a product/service.
Imagine if you had the last Snickers bar on earth. How much do you think you could sell it for? I’m guessing it would go for much more than 99 cents. It doesn’t really matter what the buyers would want it for, it only matters that there is more demand for Snickers bars than the supply will support. Same with housing.
We’re in a seller’s market right now in Kansas City, and homes are going under contract in our office by the end of the first day on the market in many cases.
If you’re thinking about selling your home, now’s the time. Regardless of condition, location, or price, you don’t want to miss this opportunity!
For full stats, check out the link below: