We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
Closed Sales increased 0.7 percent for existing homes but decreased 5.8 percent for new homes. Pending Sales increased 14.5 percent for existing homes but decreased 1.4 percent for new homes.
Inventory decreased 34.0 percent for existing homes and 3.7 percent for new homes. The Median Sales Price was up 3.6 percent to $176,000 for existing homes and 8.3 percent to $330,162 for new homes. Days on Market decreased 16.4 percent for existing homes and 6.1 percent for new homes. Supply decreased 37.5 percent for existing homes and 12.3 percent for new homes.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high. For more specific numbers in the KC metro, click here. *Information courtesy of KCRAR and Heartland MLS