March 2021 Housing Market Update
2020 is over and I think we can hope that this year will go a little better. You probably have a lot of questions about the housing market. I wanted to share the latest market information for the Kansas City metro area. Your home is one of the biggest investments you make. Even if you're not thinking about buying or selling right now, it's good to stay on top of the housing market!
Kansas City Metro Area 1st Quarter snapshot:
• Average Sales Price $286,459 - UP 20.8% From February 2020
• Home Inventory is DOWN 62.3% From February 2020.
• There is currently ONLY 0.7 Months of Inventory Supply
There are so many reasons for why the supply is so LOW right now and DEMAND is so high:
• Interest rates are still very low. Money is cheap! Those that really want to upsize or buy their first home are rearing to go.
• Baby boomers who want to downsize truly have few options unless they go outside their geographic comfort zone entirely. So if they don't move, they don't free up the inventory.
• We are still in a pandemic. Most people are nervous to make any big changes. We see this being a reality for another 6-12 months.
If you have any specific questions about your own home or what it takes to be a succesful buyer today, I would love to set up a time to "meet" you! Let's zoom or chat, and educate you on all of your options!