Kansas City Real Estate Market (For year 2013)
The Kansas City Metropolitan Area is a fifteen-county area that is anchored by Kansas City, Missouri and is bisected by the border between the states of Missouri and Kansas. As of the 2010 Census, the metropolitan area has a population of 2,035,334.
Looking Back on the Kansas City Market
Kansas City is experiencing renewed market conditions with an average sale price increase of 9.1% increase compared to the year 2012. Residential total sales level (new and existing homes) represent a 9.2% increase compared to the year 2012. The monthly supply of homes of 4.7 months represents a competitive market for combined new and existing homes. Unemployment rates has declined from 6.6% to 5.6%.
Markets priced below $250000 show decreased average sale price of 1.4% (2012-$114890 and 2013-$113255). Real estate markets from $250,000 to $500,000 have increased average sale price of less than 1% (2012-$334575 and 2013-$337136). The markets above $500,000 had increasing sales activity of 25% along with an increasing sale price of less than 1% (2012-$729169 and 2013-$734604). New construction sales activity increased 13% and average sales price increased 8% (2012-$318510 and 2013-$345866).
The historically low mortgage rate, have created a favorable buying environment for those with a job and good credit. Consumer confidence and job security are gradually increasing but remain cautious.
STATISTICAL SNAPSHOT Today One year ago Change
Unemployment (KCSMSA) 5.6 6.6 - 0.15%
Months of Supply 4.7 6.4 -27.0%
Sales Volume 31445 28763 +9.2%
Average Sales Price $183600 $168400 +9.1%
Average Days on Market 133 118 +0.12%
MARKET AT A GLANCE
Economic Climate Average-Improving
New Construction Increasing
REO Activity Low-Improving
Market Direction Improving
Market Mood Improving
The Kansas City real estate market has lower unemployment, increased sales volume and an increase in prices. The competitive prices are still attracting more buyers and this includes investors. The key ingredient to this market recovery will be job growth. Metro Kansas City is a diversified economy including trade, transportation, utilities, education, communication, government and health services.
Edited by Richard Cunningham SRA CRP-Cunningham Appraisal LLC, email@example.com 913-339-9321-Appraises residential, relocation, divorce, market valuations in the Kansas City Area-available for speaking engagements to groups/Sources KCRAR and Heartland MLS