Kansas City Area Home Sales Statistics June 2008

Here is a summary of Kansas City area home sales statistics, June 2008 as compared to June 2007--plus commentary!

Jackson County

Pending contracts: down just under 17%

Average sales price:  down 11.08%

New listings:  down 15%

Inventory:  down 1.44%

Johnson County

Pending contracts:  down 22.55%

Average sales price:  down 2.35%

New listings:  down 21.63%

Inventory:  down 1.96%

What's the upside to all of these down stats?  The market is continuing to correct itself after years of prices that were rising too fast. 

Fewer new listings means would be sellers are waiting--if they don't have to move, they won't.  They will wait until the market gets better--or improve the home they have.  Fewer sales shows us the tightening of the money supply (no more 100% financing for would-be first time buyers, which brings the domino effect to second time buyers who want to move up) and the hesitation from buyers to pull the trigger and write an offer--they want to see everything that's out there and wait for the best deal. 

Consumer confidence has a lot to do with buying and selling a house.  Everyone, except the very rich, is feeling the shock of high gas and food prices. Confidence is low and most everyone is pulling back.  Essentials first--and buying a new house--that can wait.  That's the bottom line reflected in these statistics.

If you would like sales statistics for your particular area or subdivision in the greater Kansas City area, send me an email at mary.hutchison@prukc.com

Thanks for reading my blog, comments welcome!

Reflections on Independence Day and Home Ownership

We had unusually pleasant weather in Kansas City for the Fourth of July holiday.  Today's weather -- hot,sticky, in the 90s--is what we usually get.  Friday and Saturday were warm, mild, with sunny skies and cool evenings--not even the mosquitoes were biting!  Perfect for fireworks and outside plans, walks, biking, sitting poolside. Everyone was talking about how great it was to be outside, instead of complaning about the usual typical humid conditions. What does this rambling about weather have to to with home ownership?

Because on this weekend that clelbrates   the American spirit of the freedom to honor  'life, liberty and the pursuit of happiness'--to me, that is embedded in home ownership.  My weekend festivities centered on family and friend gatherings: in my  special Brookside 'hood, listening to those small streetside fireworks as soon as dusk arrives;  gathering in Loose Park with my neighbors' eclectic group of friends and kids for D'Bronz pizza, blankets, baseball and badmitton; spending some time at the local pool and chatting with various lounging friends; going to my brother's home for a family cookout featuring a cherished family recipe and then watching all the fireworks displays' from around the city from his deck perched high above the rest of the homes...it's these simple events, centered around home and friends, that everyone should appreciate.

Establishing roots in a city...in a home...knowing your neighbors..being a part of a community...all of this is a part of the American Dream that is celebrated on July 4.  Home ownership offers  you so more than the physical house itself..it opens you up to a community,  new friends,  family celebrations around the table, watching the kids on the block grow up, how the changing seasons affect the look of the area, talking local happenings and gossip with the neighbors.  After a vacation or  a hard day at the office, turning the block to see your home..it's a comforting, special security that not only gives you physical shelter but plenty of 'emotional equity' as well.  Take pride in your home, your neighborhood, your surroundings--make the most of all that  it offers--it's part of the American Dream that is celebrated every July 4.