Local market updates from the Kansas City Regional Association of Realtors (KCRAR) provide a closer look at the Kansas City metro area's current market conditions. 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)
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such market conditions can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
Existing Homes Overview
Closed sales increased 14.9% to 3,269
Pending sales increased 40.3% to 4,223
Average sale price increased 17.3% to $276,962
Median sales price increased 14.4% to $242,000
Percent of original price received increased 4.1% to 101.9%
Days on market decreased 45.7% to 19
Inventory decreased 54.5% to 2,431
Supply decreased 58.8% to 0.7
New Homes Overview
Closed sales decreased 5.5% to 360
Pending sales increased 12.1% to 388
Average sales price increased 13.7% to $463,639
Median sales price increased 15.6% to $426,785
Percent of original price received increased 1.3% to 102.4%
Days on market decreased 46.1% to 89
Inventory decreased 62.2% to 621
Supply decreased 68.6% to 1.6
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.