New Listings: Down 8% to 494 Homes

The number of new homes listed for sale has decreased by 8%, dropping to 494 this week. While this isn’t a dramatic decline, it does indicate that fewer sellers are entering the market as we head into the colder months. For buyers, this may mean less competition, but it also means fewer options to choose from.

Homes Sold: Up 5% to 789

In contrast to the dip in listings, the number of homes sold has seen a 5% increase, now totaling 789. This is a positive sign that demand remains steady and buyers are still actively looking for homes. If you’ve been waiting for the right time to sell, this uptick in sales may give you the confidence to list your property.

Average List Value: Down 5% to $325,212

The average list value has decreased by 5%, now sitting at $325,212. This may reflect a trend where sellers are adjusting their prices to remain competitive in a slightly slower market. Buyers may find more opportunities in this adjustment, especially for homes that have been priced well in response to current market conditions.

Average Sold Price: Up 2% to $376,153

On a more positive note, the average sold price has increased by 2%, reaching $376,153. This suggests that even though there are fewer listings, the homes that are selling are commanding higher prices. It’s a reminder that pricing and home condition still play a major role in the sale price, and homes in good condition continue to perform well in the market.

Listings with Price Reductions: Down 19% to 435 Homes

The number of homes with price reductions has decreased by 19%, bringing the total to 435. This suggests that fewer sellers are adjusting their asking prices, possibly because homes that are listed at reasonable prices are finding buyers more quickly. If you’re selling, it’s still important to price your home correctly from the start to avoid the need for price reductions.

Homes Going Back on the Market: Up 10%

The number of homes going back on the market has increased by 10%. This could indicate that some deals are falling through or buyers are taking more time to finalize their decisions. It’s always important to have a good understanding of why a property is coming back on the market, as it can affect the overall market perception.

Pending Sales: Down 3% to 568 Homes

Pending sales have dropped by 3%, now sitting at 568 homes. This is a slight decrease, suggesting that some buyers are putting their plans on hold as the year comes to a close. While the market is still active, this dip could be a result of the holiday season approaching, when many people slow down their buying activities.

Average Days on Market: Up 14% to 48 Days

The average number of days on market has increased by 14%, now averaging 48 days. This means that homes are taking a little longer to sell, likely due to the combination of fewer listings and some buyer hesitation. If you’re a seller, it may take a little more time to secure a buyer, but with the right strategy, you can still see success.

Whether you’re buying, selling, or simply keeping an eye on the market, the real estate landscape is shifting. For personalized guidance, reach out to one of our experienced agents at New Heights KC, and we’ll help you navigate these changes with confidence. Be sure to check back next week for another update. Happy house hunting!

 

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