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.
Kansas City is experiencing renewed market conditions. Average sale price represent a 3% increase from last year. Residential inventory levels (new and existing homes) represent a 13% decrease from March 2011. Monthly supply of homes (6.9 months) represents a nearly balance market for combined new and existing homes. Unemployment rates have declined from 8.8% to 7.7%.
Market areas priced below $250000 show increased average sales price of 3% (March 2011-$103,719 and March 2012-$106890) but is below the March 2010 average sale price of $113,245. Real estate markets from $250,000 to $500,000 have experienced average sales price that have been stable the past year (March 2011-$327686 and March 2012-$330952) and sales activity has increased for the last year. The markets above $500,000 had increasing sales activity, along with an increasing sales prices (March 2011-$679,635 and March 2012-$754466).
The historically low mortgage rate has 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 (1st Quarter 2012)
Today One year ago Change
Unemployment 7.7 8.8 – 12.5%
Months of Supply 6.9 8.9 – 33%
Quarterly Sales Volume 4804 3944 + 18%
Average Sales Price $152,863 $146,084 + 0.04%
Average Days on Market 106 106 0.00%
Market At a Glance
Economic Climate: Average-Improving
New Construction: Low
REO Activity: High-Improving
Market Direction: Increasing
Market Mood: Improving
It is anticipated that Kansas City will remain a buyer’s market for the foreseeable future. The low prices are 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 and health services.
About Cunningham Appraisals
Cunningham Appraisals has been providing high quality, professional home appraisal services in the Greater Kansas City Metropolitan Area since 1972. Our mission is to provide professional judgment in an accurate, personal and timely manner.
Whether you are just getting started or if time is of the essence, always educate yourself on the appraisal process, the market and find the right server that fits your needs. Contact us if you need help taking the next step.
6709 W 119th St
Overland Park, KS 66209