The Kansas City area housing market started the year solidly in favor of sellers. Average prices were up 16 percent for existing homes and the supply was down 10 percent from a year ago.
The average sales price of an existing home last month was $156,833, up 16 percent from January 2013, according to the Kansas City Regional Association of Realtors. There were 9,114 existing homes listed on the market, down 10 percent from the previous year.
Based on the pace of sales, Kansas City now has a 4.1-month supply of existing homes on the market, down from a 4.9-month supply a year ago. That means there is a seller’s market for existing homes, according to the Realtors.
The average sales price of a new home in January was $356,248, down 2 percent from a year ago. There were 1,316 new homes on the market last month, 21 percent more than a year ago. There was a 6.2-month supply of new homes based on the pace of sales, a balanced market favoring neither sellers or buyers.
Looking forward, there were 1,504 pending contracts for existing homes in January, down 4 percent from a year ago. There were 192 pending contracts for new homes, 12 percent less than January 2013.