I know how Americans love to read their end of year lists and reviews on New Years Day, but unfortunately, real estate data takes a few weeks to trickle in each month. Now that the official December 2013 market statistics have been released, I am able to analyze 2013 as a whole in order to identify past trends and make future predictions.
YEAR END REVIEW – 2013 VS. 2012
More Properties Sold in the Kansas City Area Real Estate Market in 2013 than in 2012:
Prices are Rising in the Kansas City Real Estate Market:
While we don’t quite have the same high volume and inventory as we did at the height of the real estate market boom in 2006-2007, prices have climbed back to the pre-recession levels.
WHAT WILL 2014 BRING?
Prices and activity have been steadily increasing in the greater Kansas City real estate market over the last couple of years. Financial news indicates that we may see mortgage interest rates begin to gradually creep upwards; however, rates are still historically low and lenders are beginning to offer more options to consumers. I predict that real estate sales prices and activity will continue the upward trend in 2014, but at a more moderate pace than 2013.