Two year-end reports on the local housing industry indicated 2013 was a good year for the residential real estate world in Kansas City.
Permits for single-family home construction broke the 4,000 mark in December for the first time since 2007, ending the year at 4,087 permits, up 24 percent from 2012, according to the Home Builders Association of Greater Kansas City. On the multifamily front, permits for 2,879 apartments and condos were issued in 2013, up 62.2 percent from the previous year.
“We crossed the threshold of building 4,000 homes last year, and that’s cause for the local economy to celebrate,” Sara Corless, executive director of the Home Builders Association, said in a statement Tuesday.
Kansas City, primarily because of strong growth in its Northland subdivisions, reported the largest number of single-family permits last year, 675. It was followed by Olathe, 528; Overland Park, 422; Lee’s Summit, 334; Lenexa, 217; Platte County, 181; Shawnee, 153; Kansas City, Kan.-Wyandotte County, 144; Blue Springs, 139; and Leawood, 119.
Realtors also reported a strong end to the year, with the average sales price of an existing home hitting $172,976 in December, up 9 percent from a year ago, and the price of a new home reaching $357,330, up 3 percent from December 2012.
The Kansas City Regional Association of Realtors also said 1,858 existing homes were sold in December, up 2 percent from 2012, and 206 new homes were sold, down 6 percent from December 2012.
The new-home inventory was 21 percent higher than a year ago with 1,301 on the market. The supply of existing homes on the market dropped 6 percent to 9,106.
The Realtors reported there was a 4.1-month supply of existing homes in December, making it a seller’s market. There was a 6.1-month supply of new homes, making it a balanced market favoring neither buyers nor sellers.