Good news for people looking to sell their Kansas City homes — prices are going up! According to the Kansas City Regional Association of Realtors, home prices in metro Kansas City were up in April compared with a year ago, and the supply of new homes was 30 percent greater than in April 2013. The average price of an existing home was 13.8 percent higher than in April 2013, with a recorded amount of $175,799 as the average sale, and the average for new homes is up 4 percent to $348,124.
But that’s not all. With sales rising slightly over last year, the lack of available inventory has spiked another trend, and builders are increasing the inventory of new homes. In April, 1,352 new homes were listed in the area market, up 30 percent from the same month a year ago. The existing home inventory was down 1 percent, with 11,221 listed. Currently in Kansas City, there is about a 5 month supply of existing homes available on the market, and a 6.4 month supply of new homes for prospective buyers. The new homes market is balanced for buyers and sellers, but the existing homes are slightly in the favor of the sellers.
Thinking of moving to Kansas City? Act quick, as the most affordable homes are the existing properties, and they are quickly running out of available inventory in the local market.