Home Values on the Rise, Inventory Critically Low in Kansas City Region According to Year-End Data

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According to year-end statistics from the Kansas Regional Association of Realtors® (KCRAR), sellers had the clear advantage in the local market throughout 2015. Closed sales across the region are up more than 10 percent year-to-date over 2014 year-end totals, with average sale prices tracking upward by more than 3 percent year-over-year.

“Local Realtors are seeing strong demand,” said Christian Zarif, President of the Kansas City Regional Association of Realtors. “We have so many qualified buyers looking for homes and hoping for more inventory to become available in the coming months.

2015 was a year of strong growth for the Kansas City housing market, with sales reaching levels not seen in nearly a decade. According to year-end statistics from the Kansas Regional Association of Realtors® (KCRAR), sellers have had the clear advantage in the local market throughout the year.

Closed sales across the region are up more than 10 percent year-to-date over 2014 year-end totals, with average sale prices tracking upward by more than 3 percent year-over-year. Inventory continued to dwindle as the year progressed, reaching a nearly 30 percent decline in December 2015 versus December 2014.

Strong buyer demand combined with this inventory shortage has resulted in a critical drop in supply. While a balanced market, one equally favoring buyers and sellers, is marked by a 6-month supply of homes for sale, the current market holds just a 2.4-month supply, producing a market that highly favors sellers.

In addition to the sparse inventory, sellers are also benefiting from declining days on market and higher sale prices. Locally, the average days on market currently stands at 74 days, down more than 13 percent from December 2014.

According to the National Association of Realtors® (NAR), the market will likely continue on an upward trajectory in 2016, though at a more moderate rate than 2015. Lawrence Yun, Chief Economist for NAR, cited pent-up demand, sustained job growth and improving inventory conditions as the main drivers of anticipated sales gains in 2016.

“Local Realtors are seeing strong demand,” said Christian Zarif, President of the Kansas City Regional Association of Realtors. “We have so many qualified buyers looking for homes and hoping for more inventory to become available in the coming months. This is an ideal time for homeowners to consider selling.”

KCRAR’s complete market report can be found at http://www.kcrar.com/statistics.

The Kansas City Regional Association of Realtors®, “The Voice for Real Estate in the Kansas City Region”, is the largest professional business association in Kansas City. KCRAR serves more than 8,000 Realtor® members in Kansas and Missouri.

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