Yes, I realize May is almost over, but it takes time to crunch all these numbers. We are still having less sales, sales prices are still slightly lower than last year, and inventory is up. So, not great news, but you’ll see from the numbers that this isn’t a drastic market meltdown or anything – just some moderate market correction. So, here you go:
Johnson County adjusted sales were down 19% from 2007 with 883 contracts for 2008 versus 1,092 in 2007. The data for new construction shows sales off 50% from last year. Sales prices for the month were relatively unchanged. The average price in April was $247,769 versus $251,588 last April. Dissecting the numbers, we see that the average sales price of new construction was up 9.8% to $400,299, and the resale price decreased 1.7%, to $217,926. Year to date, the Johnson County average price is slightly under last year. The average price was $252,628, versus $253,791 last year. Johnson County‘s new listings were down again in April and have been lower month over month since last November. New listings decreased by 9% to 1,429 units. Inventory was up slightly from last year, up 36 units from April 2007 and up 110 units from last month.
Jackson County sales were off as well, falling 15% from 2007. Units were at 975 versus 1,147 last year. The average sales price for the month was down 19% from last year, with an average price of $118,702. New listings in Jackson County were down 196 units to 1,994, down 9% from last April’s 2,190 units. Inventory remains higher, up 2.72% over last year and is running at 8,107 units. April inventory is up 309 units from last month.
Sales for the entire Heartland area were off for the month by 20%, or 728 units. The average price was down 7.9%, averaging $164,851. Year to date, Heartland sales were off 14.6% to 10,747 units. Average sale price fell 5.5% to $164,937.
By the way, these monthly statistics are available to the general public on the Kansas City Regional Association of Realtors website.