Inventory in the Kansas City area continues to be low. According to a recent report from The Kansas City Regional Association of REALTORS & Heartland Multiple Listing Service, inventory of combined new and existing homes in January 2014 was 10,430. This represents a 7% decrease over the same time last year (11,190 in January 2013).
The supply of new and existing homes combined in January was 4.3 months. (Supply is determined by taking the inventory and dividing it by the 12 month average of the number of sales.) This supply is lower than the 5.0 months reported in January 2013. A 4.3 month supply represents a combined seller’s market.
Sales prices were up! The average sales price for combined new and existing homes in January 2014 was $175,124. In January 2013, the average was $154,814. This equates in a 13% increase.
What does this mean for you?
If you are buyer already looking, you know inventory is low. As more homes come on the market in the coming weeks, it will be in your best interest to be ready to move quickly when you find the home that is right for you.
If you are preparing to sell your home, you might be able to benefit from the current market conditions if you can get your home listed before the rush of listings we traditionally see in the spring.
Give me a call to discuss your timing for buying or selling – (913) 980-2434. I would be happy to prepare market data to help you determine the best timeframe for you!