Much like Kansas City’s weather, the local real estate market has taken slightly longer to warm up this year. Closed sales and new listings have both been trending well below average so far this year, leaving both buyers and sellers ready for the typical spring uptick to arrive.
According to first quarter data from the Kansas City Regional Association of Realtors® this week, closed sales for existing homes were down more than eight percent compared to last year. The new homes category was even more greatly impacted, closing the quarter with a double-digit drop in sales year over year. The persistent winter weather across the Midwest resulted in a sluggish sales quarter across much of the region and the local sales and listing activity reflects that impact across Kansas City and surrounding areas.
Listing inventory was similarly stunted throughout the first quarter. The supply of homes across the Kansas City region currently sits below two months, indicating a market that continues to favor sellers. As of the end of March, there were 4,885 existing homes on the market.
“We are accustomed to seeing seasonal market shifts each winter, so while a slowdown is normal and expected, the unusually brutal winter we experienced this year simply intensified the effects on the real estate market,” said Steve Moyer, president of the Kansas City Regional Association of Realtors® (KCRAR).
While the market had a slower start than expected, local Realtors® have seen indications of a blossoming spring market in April.
“We expect to continue to see a rebound throughout the second quarter as the typical spring market activity picks up,” Moyer said. “What our market needs most is listings. Buyer demand is as strong as ever and many are just waiting for new listings to hit the market each day. It’s a great opportunity for sellers.”
The first step in the home selling or buying process should be connecting with your Realtor®. Find a local Realtor® at WhichRole.com or connect with KCRAR at KCRAR.com.