Who exactly has the edge in our local market? Buyers or Sellers?
The supply calculation is determined by taking the Inventory (number of homes on the market) and dividing it by the 12 Month Average of the Number of Sales. A balanced market, in general, is a 5 to 6 months supply of homes on the market. If the supply exceeds 6 months, the market can favor buyers. If the supply is less than 6 months the market can favor sellers. The supply for new and used homes in the Kansas City Region is 6.7 months of supply. This number slightly favors buyers in our area. As we teter at around 6 months of inventory we are experiencing a more balanced market for buyers and sellers. That's the good news!
Other market factors will affect our market in the coming months due to the changes in FHA financing and anticipation of rising interest rates later in the year.
Spring is around the corner and regardless of the market, is consistently and historically a GREAT time to list your home and to buy a home.
If you would like information on what your neighborhood sales activity has been or would like personal, caring representation on the purchase of a home, call us at 816-985-3444 or visit our website!