The Kansas City area home market remains strong and continues to gain momentum. Local sales have increased nearly 8 percent year to date, making it clear that buyers are finding it to be an ideal time to enter the home search process.
Home prices in the Kansas City metro remain favorable and among some of the most affordable in the nation and we are beginning to see average sale prices moving moderately upward. This is good news for homeowners who have long anticipated gains in their home values. The average sale price for homes in the Kansas City market is currently 5 percent higher than one year ago. One reason behind this upward momentum is the low supply of homes on the market.
The latest Kansas City Real Estate Market report, published monthly by the Kansas City Regional Association of Realtors (KCRAR), indicates that the current supply of local homes for sale is just 4.5 months — a clear seller’s market.
What does this really mean for buyers? It means fewer homes to choose from and a more competitive market.
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The local home inventory is down nearly 7 percent compared to the same time last year. This dwindling supply is creating longer home searches for many potential buyers who are finding it difficult to locate available homes that meet their needs.
Data also shows that homes are selling faster. In fact, average days on market are down more than 14 percent. These factors are creating a more fast-paced buying environment due to increased urgency and competition. Realtors report that in recent months, some of the most desirable homes have been receiving contracts within mere days of becoming available on the MLS.
This is just one of the many reasons why working with a Realtor is so important during a home search. These professionals have instant access to information about new properties as they enter the market, providing their clients a clear competitive advantage in the home search process. Realtors can also provide expert guidance to buyers on ways to streamline the buying process and increase the chances of finding the ideal home within the desired timeline.
With a strong buyer base out there searching for their ideal home, today’s market conditions provide distinct opportunities for homeowners who have been considering listing their home. Additionally, home values have rebounded in recent years, resulting in increased fair market values. Locally, homes are receiving an average of 96 percent of their original list price. These factors, combined with the clear need for more inventory, make now a great time to sell for many homeowners.
Whether you are ready to put your home on the market now, or simply want to know more about the home selling process, your first step is to contact an experienced Realtor who can provide you detailed insight to help you make the most informed decisions about your home.
If you don’t already have a trusted Realtor, connect with one at www.KCRealtorLink.com. There are nearly 8,000 Realtors in the Kansas City area who stand ready to serve the local market.
Dan O’Neill, MGRIm is the 2015 KCRAR president.