Kansas City Real Estate Prices and Statistics for May 2011
Below are the local Kansas City real estate numbers. Even though it shows many red arrows, things feel pretty stable this year. It is by no means a booming market, but it feels normal and somewhat predictable. The phrase, “slow and steady wins the race” comes to mind when I think of the Kansas City market. The numbers are lower than last year, but not monumentally so, and, in addition, the $8,000 first-time home buyer tax credit was in effect last year which spurred sales. In comparing May 2011 to May 2010, we are comparing a true market to one that was meddled with by our friendly government (who is now so broke they are tossing around the idea of repealing the mortgage interest tax deduction). The chart below compares activity in May 2010 to May 2011. You will see that inventory is up, but sales and prices are down from this time last year.
I’m glad things seem to settling down… It would be nice to see skyrocketing rates, but I’m sure that no one in the real estate industry would expect that.
I’m glad that things aren’t getting worse. I think the increase in inventory has made it appear that the economy is still tanking.