Kansas Real Estate Market Insights for July 2024
Kansas Housing Market Analysis - July 2024
The Kansas housing market in July 2024 presents a mixed bag of trends, reflecting both stability and shifts in various key metrics. This analysis delves into the specifics of these trends, providing a comprehensive overview of the current state of the market.
Median Sales Price
The median sales price in Kansas for July 2024 stands at $289,900. This figure represents a slight decrease of 0.01% year-over-year (YoY). Despite this marginal decline, the market remains relatively stable in terms of sales prices, indicating a balanced demand and supply scenario.
Median List Price
The median list price for homes in Kansas is currently $277,200, which has seen a 2% decrease YoY. This decline suggests that sellers might be adjusting their expectations to align with market conditions, potentially to attract more buyers in a competitive environment.
Price Per Square Foot
The median price per square foot has increased to $143, reflecting a 5% rise YoY. Similarly, the median list price per square foot has also seen a notable increase, now at $146, up by 9% YoY. These increases indicate a growing valuation of property on a per-square-foot basis, which could be attributed to higher demand for quality living spaces or improvements in property conditions.
Homes Sold and Pending Sales
In July 2024, a total of 3,110 homes were sold in Kansas, marking a 1% increase YoY. This uptick in sales volume suggests a healthy market with consistent buyer activity. However, pending sales have decreased by 5% YoY, with 2,076 homes currently under contract. This decline in pending sales could signal a potential slowdown in future sales activity.
New Listings and Inventory
The number of new listings in Kansas remains unchanged YoY at 3,434. Meanwhile, the inventory of available homes has increased by 11% YoY, now totaling 3,785. This rise in inventory, coupled with stable new listings, indicates that the market is experiencing an influx of available properties, which could provide more options for buyers and potentially ease upward pressure on prices.
Months of Supply
The months of supply metric, which measures the time it would take to sell all current inventory at the current sales pace, has increased by 10% YoY to 1.2 months. This increase suggests a slight shift towards a buyer's market, as more inventory is available relative to the pace of sales.
Median Days on Market
The median days on market for homes in Kansas is currently 22 days, up by 4% YoY. This increase indicates that homes are taking slightly longer to sell compared to the previous year, which could be a result of the increased inventory and more cautious buyer behavior.
Sale to List Price Ratio
The average sale to list price ratio remains steady at 0.99, showing no change YoY. This stability suggests that homes are generally selling very close to their listing prices, reflecting a balanced negotiation dynamic between buyers and sellers.
Sold Above List Price
The percentage of homes sold above list price has decreased by 2% YoY, now at 17%. This decline indicates that fewer buyers are willing to pay above the asking price, possibly due to the increased inventory and more competitive market conditions.
Price Drops
The percentage of price drops remains unchanged YoY at 36.83%. This consistency suggests that sellers are maintaining their pricing strategies, possibly in response to the stable sale to list price ratio and the overall market conditions.
Off Market in Two Weeks
The percentage of homes going off market within two weeks has decreased by 7% YoY, now at 44%. This decline indicates that homes are taking longer to sell, which aligns with the increase in median days on market and the higher inventory levels.
In conclusion, the Kansas housing market in July 2024 exhibits a blend of stability and change. While median sales prices remain relatively stable, the increase in inventory and the slight slowdown in pending sales suggest a market that is gradually shifting towards favoring buyers. Sellers may need to adjust their strategies to remain competitive, while buyers can benefit from the increased availability of homes and potentially more favorable pricing dynamics.
