As the summer has come to a close we have seen the low inventory and high demand trend continue into the fall. Families have taken their last vacations of the summer and school is back in session. There are still a lot of qualified buyers ready to purchase the home of their dreams, however with the lower inventory we aren’t seeing as many homes sold as the previous year.
Home sales have fallen 6% from last year for the metro area, 7% for Johnson County, and 6% for Jackson, however sale prices are up 6% over last year. The supply of homes has dropped from 5 months supply to 4.7 months supply. This information tells us that demand of homes to buy is increasing however since home sales are less than last year there is a continued shortage of homes for sale.
These trends have created unique opportunity for sellers. With low interest rates and high demand, this has created a win-win for sellers and buyers alike. The market is in desperate need of quality homes and if you are considering making a move, now is a great time to sell. We are glad to consult with anyone thinking of buying or selling who is interested in creating advantages in this market.