Sales Are Up, Interest Rates Are Down, Buyer Bonus Available
The most recent sales numbers show a 37% increase in existing home sales from April 2009 to April 2010. Local sales prices have remained steady, again, with an average increase of 5% yielding an average price of $160,683-kansascity.com. Interest rates remain historically low, coldwellbankermortgage.com & buyer activity indicates increased confidence in the value of the Kansas City Metro area. This is positive news for KC!
With the buyer incentive ending on April 30th, Coldwell Banker is betting that a Buyer Incentive that they are offering in select homes that mirrors the Federal Program – minus the first time buyer requirements – will continue to drive existing homes sales and jumpstart new construction– coldwellbanker.com/buyerbonus.
Finally, please note – total inventory is down over last year. This combined with 3 months of increased average sales price may signal the bottom has passed and by all indicators (sales up/inventory down) we may well be on the way to a balanced market this spring-www.kcrar.com.
Click on Image to Enlarge Monthly Moffitt Market Memo. Right Click to Print.