Appraisal Richard Cunningham Informs.
Kansas CityMetropolitan AreaKansas Cityis experiencing difficult market conditions. Residential inventory levels remain high and new construction has slowed dramatically. Property values have stabilized from 2010. Job losses and declining consumer confidence have contributed to a general contraction in the real estate market. Inventory levels are at historic highs and are still increasing as the absorption gradually decline. Markets in most areas priced below $250000 had flat to slightly depreciation trends for the last two years. Real estate markets from $250,000 to $500,000 had experienced declining sales activity but stable prices for the last two years. The markets above $500,000 had the lowest sales activity, along with a steady decline in sales prices. The historically low mortgage rates, have created a favorable buying environment for those with a job and good credit Consumer confidence and job security are at a low point not witnessed in years.STATISTICAL SNAPSHOT
KC For Your Information
Today One year ago Change
Unemployment 8.2 9.2 -10.9%
Months of Supply 9.6 12.74 +24.6%
Annual Sales Volume 14227 16803 -16.4%
Average Sales Price $130383 $131902 -0.01%
Average Days on Market 109 111 -0.02%
MARKET AT A GLANCE
It is anticipated thatKansas Citywill remain a buyers market for the foreseeable future. The low prices are attracting more buyers and this includes investors. The key ingredient to this market recovery will be job growth. MetroKansas Cityis a diversified economy including trade, transportation, utilities, education and health services.
This is 2011 year end update on the Kansas Cityeconomy and quarterly updates will be sent in the future. Cunningham Appraisal can provide market value appraisals for your undecided clients, reducing the PMI and protesting the valuation with the county.
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