Sales Figures Are Up 28% Over Same Period Last Year

Another positive month as the most recent sales numbers show a 28% increase in existing home sales from May 2009 to May 2010. Local sales prices in that same period increased an average of 3% yielding an average price of $167,258 (kansascity.com), which is 4% higher than April. Interest rates still remain historically low. All of this is positive news for Kansas City!

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 (coldwellbanker.com/buyerbonus).

Finally, please note – May represents the fourth month in a row of increased average sales price, which may signal the bottom has passed and by all indicators (sales and prices up) we may well be on the way to a balanced market this spring (www.kcrar.com).

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Monthly Moffitt Market Memo- May 2010