Local market updates from Kansas City Regional Association of Realtors (KCRAR) provide a closer look at the current market conditions in the Kansas City metro area. Whether you're a buyer or seller, visit Better Homes and Gardens Real Estate Kansas City Homes' Better Living Blog each month to stay updated on the latest home sale trends.
Monthly Indicator Analysis from Kansas City Regional Association of Realtors (KCRAR)
While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people filed initial unemployment claims according to the United States Department of Labor, fueled by stay-at-home orders and a slowdown of economic activity across the country. Added to the unemployment claims from March, more than 30 million people have become unemployed since COVID-19 has become widespread in the U.S. In the face of these challenging times, real estate activity in April slowed significantly.
While the effect of COVID-19 continues to vary widely across the country, it is expected that social distancing, higher unemployment, and lower overall economic activity is likely to continue to constrain real estate activity in the near term. At the same time, the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges.
Existing Homes Overview
Closed sales decreased 7.3% to 2,738
Pending sales decreased 19.3% to 3,072
Average sale price increased 2.9% to $238,305
Median sales price increased 7.5% to $215,000
Percent of original price received increased 0.6% to 98.0%
Days on market decreased 20.9% to 34
Inventory decreased 31.8% to 4,135
Supply decreased 30.0% to 1.4
New Homes Overview
Closed sales increased 3.0% to 376
Pending sales decreased 24.9% to 317
Average sales price increased 3.1% to $409,318
Median sales price increased 2.8% to $369,925
Percent of original price received increased 0.4% to 101.1%
Days on market increased 10.0% to 165
Inventory decreased 19.7% to 1,617
Supply decreased 20.6% to 5.0
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.