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Market Update- July 2021

We are Adam and Pam Kedish and today we are here to talk about the real estate market numbers from June.

These number are the overall numbers for the Kansas City metro area, and they show some interesting trends. If you want a more focused view of your area call us and we can talk you through those numbers.

We going to compare  June 2020 to June 2021.

Closed sales in June 2020 were 4,361 properties, in 2021 that was 4,600. So despite the conversation that there aren’t enough home available, we are actually having more closings overall than last year.

June 2020 homes would be on the market for 45 days. In June of 21, they were staying on the market 17 days. In a balanced market, a home will be on the market for 6 months, so 45 days was considered fast, but 17 days is extremely fast.

Average List Price to Sale Price, in 2020 you’re sale price would be about 98.7% of your list price, in 2021 it’s about 103.2%.

List price to sale price. So in 2020 we were seeing, on average, you would get about 98.7% of your sale price to your list price. This year, they were expecting to get 103.2%.

In June 202 we had 4,729 pending sale, in June 2021 we hade 4,424. Unlike what most people assume, that number is lower than last year.

Supply measures how balanced the market is. Supply is measured by, if we stop listing houses today, how many months can we go before we run out of houses. In a balanced market supply is six months. In 2020, we were at 1.8 months, in 2021 we were at 0.9. So less than a month

That’s a lot of information, but we are going to go back to pending sales. In 2020, we had 4,729 and in 2021, we had 4,424.

This is interesting, because even though our inventory was higher in 2021 than 2020, we still had less homes go pending. It’s showing that buyers are exhausted. Buyers are deciding they’d rather wait than keep fighting over homes and putting in offers way over the list price.  This doesn’t mean we are going to have a switch in the market. We just aren’t seeing the over-aggression in the market anymore. The market is starting to level out.

The season is also playing a role. Typically August is the time when the market starts to slow down. We didn’t see a slow down last year and we haven’t seen much of one this year. We don’t expect it to slow down much as the market is still crazy and there’s still a lot of buyers looking for homes.

Overall it’s a good time to buy or seller. If you’re interested or just want to know more and we can walk you through what’s happening in your neighborhood and what you could expect from entering the market.

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