If house-hunting is on your list for the weekend, take a quick look at the most-recent market report from the Kansas City Regional Association of Realtors before you head out. This market overview can provide you with a good sense of the residential real estate market around the metropolitan area. Here are a few highlights from the May 2014 report:
- The average sale price for new and existing homes (combined) in May 2014 was $197,838. This represents an increase of 3.5% over the same time last year.
- Combined home sales totaled 3,135 (2,863 existing/272 new) in May 2014. This is 1% higher than May 2013.
- Inventory of combined homes in May 2014 was 12,802 – nearly the same as May 2013, when inventory was 12,847.
The bullets above cover the broader group of combined home (new and existing) statistics. If you’re interested in learning about existing home or new home figures separately, the report provides that as well.
A Balanced Market
The supply for combined new and existing homes in May 2014 was 5.3 months. This represents a balanced combined home market. This calculation is determined by taking the inventory and dividing it by the 12 month average of the number of sales. In general, when this figure falls between 5 months and 6 months, it equates to a balanced market. When it exceeds 6 months, the market favors buyers; and when it is under 5 months, it tends to favor sellers.
If you would like market data on a neighborhood you are interested in, or on your current neighborhood to help determine a listing price for your home, give me a call at (913) 980-2434 – I would love to help you!
Image Credit: Kansas City Regional Association of Realtors