Another dismal month for home sales in Jackson and Johnson County..statistics and commentary follow.  All stats are compared to same month one year ago.

Jackson County

Pending Countracts:  down 16.8%

Average Sales Price:  down 22%

New Listings:  down 23.8%

Inventory:  down 16%

Johnson County

Pending Contracts:  down 33.8%

Average Sale Price:  down 4.5%

New Listings:  down 15.3%

Inventory:  down 5%

Keep in mind there are many more foreclosures in Jackson County, in areas with lower home values to begin with.  In the suburbs, having so many homes sit on the market further pushes prices down, and buyers 'lowballing' on offers. 

Both counties have fewer  listings than one year ago, reflecting sellers' hesitation to list if not necessary to move.  Also, at this time of year sellers tend to wait until after the holidays to list, prefering to show off their homes during warmer spring weather when the market is naturally stronger.  

Sales prices for Johnson County are not as affected, with an average sales price of just under 5% less than last year.  Overall for the YTD, Johnson County sales prices are just 2% less than a year ago.  

If you would like specific statistics for your area or subdivision, , email me.  Thanks for reading my blog, comments are welcome!

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!

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!