Mar 10, 2022
If you would like to talk about the advantages of selling your home with Mayo Auction and Realty, give us a call at 816.361.2600 or contact us here.
The Kansas City Regional Association of Realtors February 2022 Report shows that the average home price in the Kansas City area was $284,062; up 8.5% from February 2021 for existing homes. New homes were up 16.8% to $540,934.
Days on market until sale was down 14% to 25 days in February 2021 for existing homes, and down 18% to 75 days for new construction.
Inventory (the number of homes listed for sale) is very low at 1,807 existing homes in February. This compares with 2,827 in 2021 and 5,450 in 2020, showing how constrained the supply is. The current home inventory of 1,807 is only 1/3 of what it was back in 2020.
Chart Courtesy of Kansas City Regional Association of Realtors
Kansas City area home prices are now at an all-time high, as is illustrated by this chart.
According to from Freddie Mac released on March 3rd, the 30 years fixed-rate mortgage stood at 3.76% (up from below 3% in November 2021) and increased 0.21% since last month. Higher-than-expected inflation rates have caused the Fed to consider tightening the money supply sooner than expected. To control inflation, the fed likely increase interest rates in March 2022 either 0.25% or 0.50%.
Chart Courtesy of Freddie Mac
What does this all mean for someone looking to sell their home in Kansas City? There has never been a better time! Home prices are at an all-time high and the supply of homes for sale is very limited. Even though mortgage rates have risen in recent days to 3.76%, we are still at historical lows. These low rates increase the number of potential buyers.
In today’s real estate market, where properties receive multiple offers and sell above list price, you are essentially having a real estate auction by another name. We are real estate auction experts. Call us to learn how to take full advantage of this high competition, low supply market. And read our Real Estate Auction page to learn more.
To learn the advantages of selling your home with Mayo Auction and Realty, give us a call at 816.361.2600 or contact us here.