Apr 20, 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 March 2022 report shows that the average home price in the Kansas City area was $305,580; up 15.7% from March 2021 for existing homes. New homes were up 12% to $514,227.
Days on market until sale was down 27.8% to 21 days in March 2022 for existing homes, and down 21.3% to 74 days for new construction.
Inventory (the number of homes listed for sale) is still very low at 2,159 existing homes in March, but up from 1,807 existing homes in February. This compares with 3,125 in March 2021 and 5,520 in March 2020, showing how constrained the supply is. The current home inventory of 2,159 is roughly 1/3 of what it was back in 2020.
Nationally, existing home sales had dropped to a 6-month low, falling 7.2% due to high prices and low inventory. However, in Kansas City, sales were up 5.6% to 2,870 closed sales in March.
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.
The Consumer Price Index (CPI) is at a 40-year high. The Fed will likely have to take a more aggressive stance in raising rates. We may seem some 0.5% increases instead of the expected 0.25% increase, with several more increases expected this year.
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 4.72%, 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.