I contemplated a more negative title for this blog post, as the news I have is not good. But I try to be an upbeat person, believing one can choose to have a gloomy attitude or a positive one. I choose positive. Still, the stats speak for themselves.
Jackson County home sales down 31.5% in March 2011, compared to March 2010. There were 683 units sold this year ; 997 last year. Average sales price dropped 6.2%. The same for Johnson County: down almost 23% in March 2011 compared to March 2010. There were 719 units sold this year; 932 in March 2010. Average sales price dropped 3.5%.
Looking closer at the Brookside area, in zip code 64113 there were 18 units sold in March 2010 and 20 units sold in March 2011. Average sales price was down: $297,883 compared to $287,995. Armour Hills had four sold properties in both March 2010 and 2011; average price down from $221,119 in 2010 to $195,500 in 2011.
Prairie Village followed the trend with 32 units sold in March 2010, average sales price $194,632. In March 2011, 26 units sold, average sales price $193,569.
(All statistics taken from Heartland MLS; deemed reliable but not guaranteed.)
Why the drop? I believe it’s because there is no $8000 tax credit for buyers. There was a sense of urgency last spring for buyers to take advantage of deflated home prices, low interest rates and plenty of inventory. This spring–lots of inventory, still low interest rates but no incentive to act before a deadline. The economy hasn’t improved that much for the middle class: food and gas prices are sharply higher this year compared to last, wages still stagnant. There’s still plenty of time left in the traditionally busy spring buying season for more sales–I hope to see more positive news as the year goes on. Ending on a positive note, I did list a house last month that had two offers in the first week and sold quickly!