Feb 16, 2022
If you would like to talk about the advantages of selling your home at auction give us a call at 816.361.2600 or contact us by email.
The Kansas City Regional Association of Realtors January 2022 Report shows that the average home price in the Kansas City area was $284,354, up 14.8% from $247,755 in January 2021.
Days on market until sale was down 13% from 30 days in January 2021 to 26 days in January 2022.
Inventory (the number of homes listed for sale) is very low at 1,926 homes, down 38.6% from January 2021. Supply is also down 44.4% to 0.5 in January 2021.
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 February 10th, the 30 year fixed-rate mortgage stood at 3.69% (up from below 3% in November 2021), and increased 0.15% since last month. Higher-than-expected inflation rates have caused the Fed to consider tightening the money supply sooner than expected. In order to control inflation, the fed will end its bond-buying operations and 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 3.69%, we are still at historical lows. These low rates increase the number of potential buyers.
To learn the advantages of selling your home at auction, give us a call at 816.361.2600 or contact us by email.