All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
Closed Sales increased 17.0 percent for existing homes and 34.7 percent for new homes. Pending Sales decreased 23.6 percent for existing homes but increased 5.9 percent for new homes. Inventory decreased 8.5 percent for existing homes but increased 11.7 percent for new homes. The Median Sales Price was up 11.1 percent to $150,000 for existing homes and 3.9 percent to $328,500 for new homes. Days on Market decreased 5.7 percent for existing homes but increased 44.0 percent for new homes. Supply decreased 10.9 percent for existing homes but increased 3.2 percent for new homes.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first two quarters of the year.
All that said, this is an excellent time to take advantage of a thriving market AND good interest rates. If you or anyone you know is thinking of buying or selling in the next year, call us to schedule a consultation today!
* Information courtesy of Heartland MLS and KCRAR