Monday, August 30, 2010
Tuesday, August 24, 2010
What's really happening in KC real estate
I get asked a lot about how the Kansas City housing market is doing .... Are home prices rising? Dropping? Is it a good time to sell? To buy? Despite the story you may have seen on Fox 4 News last week, there are some positive trends. Here are some of the answers to common questions based on analysis I did using the entire KC metro MLS system. Bear in mind, it can vary from area to area but this is how it looks overall...
Avg home price in KC: The average price in all KC metro is $174K which is consistent with price levels over a year ago. They dipped about 6-7% during the past year but seem to be on a notable trend back up.
Avg home price in JoCo: The average price the year before the recession began was about $250K. The past 6 months have averaged $240K. The past two months show increases with July's average at $267K (but be careful about looking at a single month).
Hottest selling months: Statistically speaking, the highest selling months are spring/early summer, with the fall season close behind. This past year, with the home buyer tax credit, March & April were huge selling months with over 7000 homes sold in KC (a 70% increase over the average).
Avg days on market: The current average is about 84 days on market before a house sold...not a sigificant deviation from last year's trend. Johnson County's average days on market is down to 73 days. The past couple of years have averaged in the mid-upper 80s -- things are moving more quickly.
Interest rates: How low can you go? A 30-year fixed is running in the mid-4% range. A client of mine recently locked a 15-year fixed loan for 3.875% and another did a 10-year ARM for the same rate.
Avg home price in KC: The average price in all KC metro is $174K which is consistent with price levels over a year ago. They dipped about 6-7% during the past year but seem to be on a notable trend back up.
Avg home price in JoCo: The average price the year before the recession began was about $250K. The past 6 months have averaged $240K. The past two months show increases with July's average at $267K (but be careful about looking at a single month).
Hottest selling months: Statistically speaking, the highest selling months are spring/early summer, with the fall season close behind. This past year, with the home buyer tax credit, March & April were huge selling months with over 7000 homes sold in KC (a 70% increase over the average).
Avg days on market: The current average is about 84 days on market before a house sold...not a sigificant deviation from last year's trend. Johnson County's average days on market is down to 73 days. The past couple of years have averaged in the mid-upper 80s -- things are moving more quickly.
Interest rates: How low can you go? A 30-year fixed is running in the mid-4% range. A client of mine recently locked a 15-year fixed loan for 3.875% and another did a 10-year ARM for the same rate.
Friday, August 20, 2010
2 new listings! Prairie Village & Brookside
Just listed a cute 2-bedroom home in Prairie Village -- check it the full listing here!
Just listed a great, totally updated 4-bedroom 2-story in Brookside area - close to everything -- take a look! http://www.reeceandnichols.com/MO/Kansas-City/64113/homes-for-sale/5920-Oak-Street-52981545
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