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KC Metro March 2016 Real Estate Market Report
National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market,but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.Closed Sales increased 4.4 percent for existing homes but decreased 4.0 percent for new homes. Pending Sales increased 16.1 percent for existing homes and 29.2 percent for new homes. Inventory decreased 33.5 percent for existing homes and 5.3 percent for new homes. The Median Sales Price was up 5.0 percent to $157,500 for existing homes but decreased 1.8 percent to $325,000 for new homes. Days on Market decreased 16.9 percent for existing homes and 25.4 percent for new homes.Supply decreased 37.8 percent for existing homes and 17.2 percent for new homes. Employment figures are positive, wages are going up and employers are hiring. Consumers are holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. The second quarter tends to rank as the best time to list a home for sale. But if inventory stays low, it will be difficult to sustain sales increases in year-over-year comparisons. Prices are seemingly not so high as to stall the market completely. Demand is present but an abundance of choice is not, and therein lies the rub. If you have been thinking of selling your house, now could be the perfect time. To see what your home could be worth in today's market CLICK HERE
Information provided by Heartland MLS and the Kansas City Regional Association of REALTORS. Download the full report HERE