Summer has finally arrived in Kansas City along with all of our favorite traditions: Royals baseball, Saturday mornings at the City Market, visits to the local nurseries, walking at English Landing Park, barbeque with friends…just to name a few! June in Kansas City reminds me of why we LOVE living here!
Our local real estate market continues to grind along, even in the face of rising interest rates and a shortage of available homes for sale. The monthly statistics show declining sales volume (down 7.6% over last year) while year over year prices continue to increase (Up 13.1% in the Metro, 16.8% in Platte county and 15.4% in Clay County) Actively listed properties remain at an all-time low of less than 1 month of inventory and the average days on market (time it takes to receive an offer) is just 21 days.
The most impressive statistic is a relatively recent change. The percent of asking price received for Kansas City now stands at 103.5% across all price categories. In plain english, this means that sellers are receiving on average 3.5% more than asking price! Buyers continue to entice sellers with cash offers, flexible closing dates, “AS-IS” sales, “appraisal gap waivers” and buyer paid seller’s closing costs. There has never been a better time to sell a home in Kansas City!
A quick note to my clients and friends. I need your help. In an effort to provide the most reliable and trusted real estate counsel, I plan to email you a survey in the next few weeks. Please take the time to answer this short survey. When you complete the survey you will be entered into a drawing for Gift Cards to three of my favorite Kansas City restaurants. Your responses will be used to determine what information is most helpful to you and what means of communication you prefer. Thank you in advance and have a terrific Summer!