Kansas City Home Sales Statistics-May 2008

From the Heartland MLS, here are home sales statistics for May 2008, as compared to May 2007.

If you have comments or would like detailed information on your subdivision, email me.

Jackson County

Pending contracts:  down 16.92% 

Average sales price:  down 11.08% 

New listings:  down 15%

Inventory:  down 1.44%

Johnson County

Pending contracts:  down 17.13%

Average sales price:  down 3.93%

New listings: down 11.95%

Inventory:  down 1.37%

Commentary:  The overall  market is still soft, some specific areas are stronger than others.  With the decrease in new listings and inventory, this gives the market a chance to 'even out' and move towards a more balanced market for both buyers and sellers.  Some sellers are thinking they will wait until next year to sell--taking a wait and see attitude, hoping prices will start to rise. Personally, I am experiencing more buyers coming through open houses and buyers who are now just ready to buy after months of looking and thinking about the purchase. Also, interest rates have creeped up and will probably not be decreasing for some time. 

I also want to mention that in the past two weeks, I've talked to several people who are seriously thinking of moving out of the suburbs to be closer to their jobs in order to cut the commute and/or take the bus each day.  This time, more so than last year when gas prices started the long, steady climb, people seem to be actively taking steps to leave the car behind and walk, carpool, bus, cut out unnecessary trips and rethink every route.  I get the feeling this is a permanent change in behavior.  I know it is for me!

I would like to hear your comments...email me!