Adam and Pam got together this week to discuss what the real estate market looked like in February and compared those numbers to last February. They also looked at the Multiple Listing Service 2022 statistics for Kansas and Missouri and compared those numbers to a more narrow search to show an individualized perspective. As Adam called it, “hyperlocal.”
February pending sales compared to last year, have slightly increased from 2,945 to 3,157. Showing a 7.2% increase. Not a huge amount, but it is still up even though inventory is down. Therefore, we are still looking at a very strong seller’s market.
The average sales price this year compared to 2021 went up a little over $24,000 from $287,335 to $311,465. That’s an 8.4% increase! So, if you bought a home last year, you’ve already built some equity. We usually expect a 3-4% increase in appreciation and that has already been doubled.
We pulled Cass County data as an example in Missouri for a better idea of what we are seeing compared to the market as a whole. The average sales price in Cass County Missouri increased by 15% from $276,265 to $317,600! That’s huge! With that said, the pending sales decreased by 23.6% from 140 in February 2021 to 107 in February 2022.
So, what does this mean? This is one example that shows that what is happening in one county is not happening in others. What we hear on the news is not true for every individual city, neighborhood, and/or school district in the area. This is why we ask sellers and buyers to call us. We have this information and can shed light on what is really happening in your area.
From a buyer’s perspective, this may make things a bit intimidating. But today’s market does not need to be scary for homebuyers right now. Having a trusted agent that can navigate this market, will make things so much easier! We offer buyer’s consultations for this reason to discuss why we will be a good fit for you. Our consultations are taken very seriously, and we will show you our strategy to help you reach your real estate goals and find your perfect dream home.
If you are even curious about the market and what your options and possibilities are… call us! We would love to take you through the specifics of your situation so you understand your options and can make the best choice for you and your family.