After reading a recent article on housing market cycles in the Shawnee Mission Post, I wondered if I could detect any indicators of a downturn in Brookside. I haven’t suspected or felt a market shift in Brookside yet, but I figured it was worth a look at the sales data to be sure.
Here is what I found…
Homes in Brookside Continue to Sell Fast
The average number of days a home is on the market has declined. The average number of days on market this summer (June 1-Sept 2, 2016) is just 35 days, which is lower than the average over the last 12 months. This tells me that homes are still selling quickly in Brookside.
The Pace of Home Sales in Brookside is Holding Steady
In Brookside, about 46 homes go under contract every month. This has been holding steady for the last six months, and this pace continued in August.
Home Prices in Brookside Continue to Rise
Sales prices in Brookside are holding steady this summer. It will be interesting to see how the year finishes out, but for now – the average sale price is holding steady. The average sales price in Brookside has increased for the last two years.
Real estate prices and the pace of home sales remains stable in the Brookside neighborhood of Kansas City. Based on my research, I contend that any detectable slowdown that we may have experienced in August 2016 is purely seasonal and happens every year. Each year, real estate market activity looks like a bell curve. As we start each year in cold, snowy January, the market is slow then gradually increases to the height of spring/early summer sales, and then activity gradually tapers off again as we head back into winter. I wouldn’t expect August sales to match the frenzy of a May market, and I think it is better to watch the market on an annual basis, rather than allow standard seasonal shifts to scare us. It may very well be that we end the year on a downward trend, but I’m not seeing the evidence of that yet – not in Brookside anyway.