Kansas City Area Home Sales Statistics - July 2008

As reported from Heartland MLS, here is a summary of home sales statistics for July 2008, as compared to one year ago. Note, Jackson County is on the Missouri side of the state line; Johnson County on the Kansas side.

Jackson County

Pending contracts:         950 homes, down 1.55%

Average sales price:      down 9.83%

New listings:                  1728, down 15.58%

Inventory:                       7796 homes, down 9.21%

Johnson County

Pending contracts:          709 homes, down 21.16%

Average sales price:       down 8.11%

New listings:                   1117, down 14.71%

Inventory:                        4571, down 3.42%

That is way too much use of the word 'down'!  However, what these figures tell me is that potential sellers have decided not to list--feeling they won't get the price they want or that the heavy spring/summer buying market is over.  This will actually help bring a bit of balance to the market, as buyer who want/need to buy will have less to choose from.  The lower average sales price is discouraging, but I still think the housing prices elevated too fast over the past 4-5 years and this is a natural market correction.

If you would like detailed statistics on home prices in your area--closed sales or currrent listings,

email me:    mary.hutchison@prukc.com

Thank you for reading my blog, comments are welcome!