Are you a Kansas City homeowner eager to dive into the latest developments in the real estate market? Well, the August statistics are in, and they paint a fascinating picture of the current landscape. Whether you’re contemplating a sale, considering an investment, or simply curious about the state of your local housing market, the insights we’re about to reveal will provide valuable information to help you make informed decisions. So, let’s peel back the curtain and explore the trends, shifts, and opportunities that August brought to the Kansas City real estate scene.
In August, the Months of Supply in Kansas City stood at 1.8, representing a 5.6% increase compared to the previous month and a 5.9% rise year-over-year. While this uptick indicates a gradual increase in supply, it’s essential to note that the market is still decidedly in favor of sellers. The demand for homes in Kansas City remains robust, and this slight rise in supply suggests a healthy balance between buyer interest and available inventory, making it an intriguing market for both buyers and sellers alike.
The average sales price in Kansas City for August clocked in at $358,000. While this figure reflects a minor 0.7% dip from the previous month, it also marks a substantial 4.9% increase compared to the same time last year. For homeowners in the area, this data suggests ongoing stability and long-term appreciation in property values. Despite the slight monthly decrease, the year-over-year growth is a promising indicator that Kansas City real estate continues to be a valuable investment, underlining the potential for solid returns for those considering selling or leveraging their homes in various financial strategies.
The list to sale ratio in Kansas City reached 99.6%, marking a marginal 0.5% decrease from the previous month and a slight 0.3% dip compared to the same time last year. Notably, this ratio had been consistently above 100% during the summer months, indicating an exceptionally competitive seller’s market. While the recent dip suggests a slight easing of that fervor, it’s important to remember that a list to sale ratio near 100% still signifies a strong seller’s advantage. This data suggests that sellers continue to wield significant negotiation power, making it an opportune time for homeowners looking to make a move in the Kansas City real estate market.
In August, the average days on market in Kansas City clocked in at 33 days. This figure reflects a notable 65% increase compared to the same period last year, indicating a shift towards a more balanced market compared to the rapid turnover of homes in 2022. However, on a month-to-month basis, there was a modest 3% decrease, suggesting a subtle uptick in buyer activity or a slight adjustment in pricing strategies. For both buyers and sellers, this data underscores the importance of market timing and adaptability in navigating the evolving landscape of Kansas City’s real estate market.
At present, mortgage interest rates in the market range between 6.64% and 7.29%, with variations depending on the specific loan terms. These rates reflect the prevailing economic conditions and market factors. It’s crucial for prospective homebuyers and refinancers to carefully consider these rates when making financial decisions, as they can significantly impact the overall cost of homeownership.
Feel free to send me a message if you have any questions or need further assistance. Your real estate agent and I are here to support you every step of the way as you explore the dynamic world of real estate and make choices that align with your aspirations and financial plans.
Heather Brulez
Weichert REALTORS®, Welch & Company
913-948-3918 | heather@heatherbrulez.com
