August 2012 MLS Market Statistics – Prices are Rising
The big news is that the price of real estate in Kansas City is rising. Year to date, the average sales price for the region is up from 2011 by 5.8%. The two counties where I spend most of my time are also experiencing price increases; the avearge sales price in Johnson County is up nearly 2% over 2011, and Jackson County is up 8.2% (YTD). Compared to August 2011, sales prices and the number of sales are also increasing as you will see in the charts below. Perhaps because of the decrease in inventory and increase in sales, we are also heading towards a more balanced market, and Johnson County, Kansas is edging towards being a seller’s market. I have experienced this firsthand in northeast Johnson County multiple offers, competitive situations, and sales prices at or near list price. It is a good time to be both a buyer and a seller as rates are low, inventory is low, prices are still low but slowly climbing. Enjoy the {nerdy} charts.
AUGUST 2012 MARKET DATA:
Prices for August 2012 INCREASED +8% over August 2011.
The Number of Sales in August 2012 INCREASED +20% over August 2011.
Inventory for August 2012 DECREASED -17% over August 2011.
Download the full August 2012 Market Report from the Kansas City Regional Association of Realtors (KCRAR) here.
