Kansas City Recent Stats & My Thoughts....
Every month Heartland MLS posts the stats for the Kansas City area. Heartland encompasses an hour ish radius of Kansas City. Keep in mind this is for listed properties. Here's what they said...
Average Sales Price: $406,907 (+2.5% YoY)
Average Days on Market: 36 days (-5.9% YoY)
Months of Supply: 2.6 months (-7.1% YoY)
List-to-Sale Price: 98.1% (+0.2% YoY)
Closed Sales: 3,886 (+5.1% YoY)
Pending Sales: 3,163 (-7.4% YoY)
Total Inventory: 8,258 (-5.2% YoY)
Now my thoughts: This year I have noticed inventory to remain low and decrease. Once rates shot up we saw inventory jump but never went over 3 months supply. Technically anything sub 6 months is a sellers market. Certain counties are seeing more demand than others. We are also seeing more activity and prices climb despite the economy and rates. I think it's a mix of buyers getting off the sidelines and owners who bought 2018-2023 starting to move. There are a ton of owners still holding tight, why trade up a 3-4% rate for 6%+? I think inventory will slowly decrease and buyers will continue to buy as we go into the Winter. Overall it's still somewhat affordable for the average salary in many parts of the metro.
We'll see though, anything can happen :)