The 2010 4th quarter reports that nationally home sales rose 6.1% in November and surged to 12.3% in December as fence sitters moved to get ahead of rising mortgage rates. The inventory of homes slipped by 3.8% and 4.2% over the same time frame. The drop in supply and rise in demand helped drive the months supply down from 10.5 months in October to 8.1 months in December, a trend that helps to ease downward pressure on home prices.
In Kansas City, the supply for combined new and existing homes was 7.9 months of supply in January which is slightly lower than December’s 8 months of supply. Kansas City Home sales in January saw: Average Sales Price was $163,883, 104 Average Days on Market, and an average discount off the list price of 4.1%.
At Group O'Dell, we've witnessed more momentum going into 2011 than we've seen in the past 3 years. People are preparing themselves for the move up buy or preparing to take jobs out of town leaving them with homes to sell. Another good trend that seems to be creating the momentum - jobs! More companies around town seem to be hiring and relocating people to Kansas City. We have over 100 clients right now that are in some phase of preparation to sell a home, preparing to enter the buying market this year, or both. We are also seeing a shortage of "good inventory" in the market. If you are contemplating putting your home on the market this Spring and want to know what it is going to take to beat the Kansas City averages, you will want to attend our "How to Sell your Home in the New Market" on March 23rd at 6:30, here at our office. We will share techniques on staging your home, current market inventory levels and what you can expect to get out of your home. Call us at 913.599.6363 for more details!
