There has been talk of abundant cold and snow this winter. When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. As the nation thaws and spring arrives, inventory is expected to rise and home sales are widely expected to increase.
Closed Sales increased 2.8 percent for existing homes and 11.5 percent for new homes. Pending Sales decreased 13.1 percent for existing homes but increased 16.0 percent for new homes. Inventory decreased 12.0 percent for existing homes but increased 9.9 percent for new homes.
The Median Sales Price was up 9.0 percent to $139,500 for existing homes and 7.1 percent to $340,222 for new homes. Days on Market remained flat for existing homes but increased 32.5 percent for new homes. Supply decreased 13.6 percent for existing homes but increased 6.3 percent for new homes.
Low inventory has declared the KC Metro as a seller’s market and with the nation questioning the stability of interest rates, now presents itself as a good time to buy as well. If you know of anyone who is thinking of buying or selling in the next year, let us know. We would love to serve your friends and family and are never too busy for your referrals!
*Information provided courtesy of Heartland MLS and KCRAR