June 2017 Market Update

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

Closed Sales decreased 9.3 percent for existing homes and 5.3 percent for new homes. Pending Sales increased 3.2 percent for existing homes and 0.5 percent for new homes. Inventory decreased 31.9 percent for existing homes but increased 7.5 percent for new homes. The Median Sales Price was up 4.8 percent to $177,000 for existing homes but decreased 3.0 percent to $329,900 for new homes. Days on Market decreased 17.2 percent for existing homes and 17.3 percent for new homes. Supply decreased 35.7 percent for existing homes and 1.9 percent for new homes.


Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand.

For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS