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)
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID19 and its potential impacts to the overall economy in the coming months.
Resale Homes Overview
Closed sales increased 2.9% to 2,010
Pending sales increased 17.3% to 2,854
Average sale price increased 6.2% to $220,018
Median sales price increased 11.2% to $199,250
Percent of original price decreased 0.1% to 95.3%
Days on market remained flat at 52
Inventory decreased 22.2% to 4,292
Supply decreased 22.2% to 1.4
New Construction Overview
Closed sales increased 3.5% to 239
Pending sales increased 59.7% to 471
Average sales price increased 2.2% to $400,767
Median sales price increased 0.9% to $370,000
Percent of original price received decreased 0.5% to 100.5%
Days on market increased 4.9% to 149
Inventory decreased 19.9% to 1,703
Supply decreased 15.6% to 5.4
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.