Home (Sales) for the Holidays
by Jeff Pinkerton
According to the Kansas City Regional Association of Realtors, 2012 looks like a solid year for the housing market. KCRAR released the November home sales figures this week and the data is positive across the board. Through November, 24,702 total homes were sold in the metro (22,700 existing homes and 2,002 new homes). This eclipses the full year total in 2011 of 22,860 (21,178 existing and 1,682 new).
Source: Kansas City Regional Association of Realtors
Sales prices are also up. The average overall sale price for a home last month was $172,487 ($158,850 for existing and $331,035 for new). One year earlier, the overall sale price was $160,898 ($147,386 for existing and $323,146 for new).
Perhaps the most interesting variable is the “months of supply” figure. Homes placed on the market in November could expect to be on the market for an average of 5.3 months. One year ago, sellers could expect it to take an average of 7.3 months to sell a home. This indicates a more balanced housing market, whereas before it was definitely a buyers’ market.
The market is still not at pre-recession levels, but if this trend continues, we could be at that level very soon.