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Kansas City Real Estate Market Update For 2017 4th Quarter
Hi, welcome to the Kansas City skinny brought to you by Heartland MLS where we dig into the most recent numbers from our market. The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability, and although total sales volumes were mixed, prices were consistently up in most markets.
Buyers may not benefit from higher prices but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers. Pending sales increased 12.2% from 2016 to 8,118 for the quarter. Closed sales increased 1.6 percent from 2016 to 8988 for the quarter.
Sales increased compared to last year providing a nice close to the year and an encouraging launch pad into 2018. The number of homes for sale was down compared to this time last year. Inventory levels market wide decreased 17.3% to 6,453 units. More listings and more new home builds are anticipated in 2018, but it remains to be seen if the increases can turn the tide against several years of decline.
Prices were up compared to last year at this time. The median sales price increased 7.6 percent to $191,000. Price increases have been the norm this year and that is not expected to change in 2018. Buyer demand remains high and economic indicators that predict buying activity are largely positive. Months supply of inventory was down 16.7 percent to two months.
Housing supply was lower compared to last year's mark and more of the same is expected in the foreseeable future. Percent of original list price received at sale rose to 96.3% since last year. Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always two levels that match home price increases. Yet housing demand remained incredibly strong in 2017 even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.
That's the Heartland quarterly market report for this corner check back next quarter for the latest.