Kansas City Market Check-In: What Changed This Quarter?
Hi BiggerPockets world! Our Kansas City MLS Q2 stats just came out, and I thought a few things were worth sharing.
Inventory fell 6.9% year over year, meaning we're back down to just 2.4 months of inventory across the metro; very much still a seller's market.
Even with mortgage rates hovering in the mid-6% range, closed sales actually increased 1.3%, and sellers averaged 98.6% (bit down from last year) of their original list price.
Anecdotally, I saw a later 'Spring market' start with demand seeming to tick up a few months ago in May. With school starting here in August, we'll likely begin our typical seasonal slowdown heading into fall. In my experience over the past five years, November is when the winter buyer season really starts, and that's usually when my investor and owner-occupant buyers find some of the best opportunities as competition eases.
If you're thinking about investing in the Kansas City market and want to get your ducks in a row before the winter buying season, feel free to reach out. I'm always happy to email over some investor guides or give you a breakdown of the different KC submarkets and where I think the opportunities are.