Kansas City Real Estate Market Sees Solid Sales Amid Continued Inventory Shortage
Year to date sales indicate positive start for Kansas City's real estate market. Home sales remain strong as inventory continues to struggles to keep pace with buyer demand according to new report from the Kansas City Regional Association of Realtors
Leawood, KS (PRWEB) February 23, 2016
Economists share positive predictions for the 2016 real estate market, and local sales data for January reveals an encouraging start for the year ahead. Expectations of moderate growth in home sales and sale prices appear accurate based on early market indicators for Kansas City.
According to the January 2016 Real Estate Market Report released by the Kansas City Regional Association of Realtors this week, both closed sales and average sale prices saw small increases versus those from last January. Throughout the KC region, 1,855 homes sold in the month of January, at an average price of $189,935, just over 2 percent above sale prices in January 2015. Another 2,635 sales are in pending status, pointing to favorable closed sales totals in the coming 30-60 days to follow.
Home inventory continues to be the big story in the local market. Current listing inventory in the region is at 7,804 homes, down more than 28 percent versus January 2015. Buyer demand continues to outpace availability throughout the area, causing days on market to drop to an average of 80 days in January.
"While local sales have remained steady, there is concern that a continued inventory shortage could have negative effects on the local market," said Christian Zarif, President of the Kansas City Regional Association of Realtors. "A healthy market is a balanced market, favoring buyers and sellers equally. Currently, with a supply of just 2.6 months, we are in a clear seller's market and we desperately need additional inventory to satisfy the pent up buyer demand."
It's likely that new buyers entering the market will stay on pace throughout 2016 based on predictions of a strong economic climate. "As buyer activity gains momentum as the spring season nears, sellers are in a great position. Now is definitely a great time to consider selling," Zarif said.
KCRAR's complete market report can be found http://www.kcrar.com/statistics.
The Kansas City Regional Association of Realtors®, "The Voice for Real Estate in the Kansas City Region", is the largest professional business association in Kansas City. KCRAR serves more than 8,000 Realtor® members in Kansas and Missouri. Find a local Realtor® at http://www.KCRealtorLink.com.
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