Kansas Housing Market: November 2024 Analysis
The Kansas housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Kansas stands at $280,700, reflecting a slight decrease of 1.5% compared to the previous year. This decline in sales price is accompanied by a more significant drop in the Median List Price, which is currently $257,300, down by 6.5% year-over-year. These figures suggest a potential softening in seller expectations or increased competition among sellers.
Conversely, the median Price Per Square Foot has increased by 4.8% to $138, indicating that while overall prices may have decreased, the value attributed to each square foot of property has risen. Similarly, the Median List Price per square foot has seen a 5.4% increase, now at $145. This trend suggests that buyers may be willing to pay more for smaller, potentially more efficient spaces.
In terms of sales activity, the number of Homes Sold has risen by 3.0% year-over-year, totaling 2,433 homes. Pending Sales have also seen a slight increase of 0.4%, reaching 1,579. However, New Listings have decreased by 1.1%, with 2,291 homes entering the market. This reduction in New Listings, coupled with an increase in inventory by 13.5% to 4,115 homes, indicates a growing supply of available homes, which could be contributing to the downward pressure on prices.
The Months of Supply, a critical indicator of market balance, has increased by 20.0% to 1.7 months. This rise suggests a shift towards a more balanced market, though it still leans towards favoring sellers. The Median Days on Market have increased by 4.0% to 30 days, indicating that homes are taking slightly longer to sell compared to last year.
The average sale to list ratio has experienced a minor decline of 0.2%, now at 97.4%, suggesting that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has decreased marginally by 0.1% to 14.0%. Additionally, the proportion of Price Drops has decreased by 0.4% to 27.0%, indicating that sellers may be adjusting their pricing strategies more effectively from the outset.
Finally, the percentage of homes going off the market within two weeks has decreased by 4.0% to 34.1%, suggesting a slight slowdown in the pace at which homes are being snapped up by buyers. This could be indicative of a more cautious buyer sentiment or a reflection of the increased inventory levels.
Overall, the Kansas housing market in November 2024 exhibits a mix of declining prices and increasing sales activity, with a notable rise in inventory and Months of Supply. These dynamics suggest a market in transition, potentially moving towards greater equilibrium between buyers and sellers.
