April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
Homes on the market in the Kansas City metro area are selling for an average of 102% of the original list price. That’s a 15.2% increase from April 2020! Days on the market decreased to only 26 days—compared to 37 days the previous month, and 45 days in April 2020. Supply from the same time last year decreased 58.8 percent for existing homes and 68.6 percent for new homes, for an average of 63.3%. With that said, there are many more homes available than there were in March. The total number of homes on the market increased from 2,515 in March to 3,052 homes in April. This is still only a 0.8-month supply of homes on the market.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
If we can answer any questions about the market in your neighborhood please reach out! Email Miles Rost or call us: 913-451-4888
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.
