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)
December is normally one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Existing Homes Overview
Closed sales increased 18.4% to 3,291
Pending sales increased 31.8% to 2,410
Average sale price increased 15.1% to $265,361
Median sales price increased 11.8% to $225,000
Percent of original price received increased 2.8% to 98.2%
Days on market decreased 39.5% to 26
Inventory decreased 52.4% to 2,599
Supply decreased 55.6% to 0.8
New Homes Overview
Closed sales increased 18.1% to 359
Pending sales increased 40.6% to 350
Average sales price increased 3.8% to $446,573
Median sales price increased 3.9% to $405,000
Percent of original price received increased 1.0% to 101.8%
Days on market decreased 27.2% to 91
Inventory decreased 43.5% to 1,079
Supply decreased 54.1% to 2.8
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.