Home sales are slowing down in Armour Hills, and average sales prices are falling as well. This is reflective of the time of year–traditionally, fewer homes are sold in the latter part of the year. Let’s look at the statistics–below I am checking figures for the Armour Hills subdivision in Brookside, Kansas City MO:
In October 2014, six homes sold with a median sales price of $214,000 and 26 days on market. The median list price was $229,000 with 26 average days on market. The lowest sales price was $158,000 and the highest was $306,000.
In October 2013, nine homes sold with a median sales price of $258,950 and 32 days on market. The median list price was $259,950.
Although there wasn’t a significant change in the average days on market, the median sales price dropped 20%. Three homes sold in 2013 above $300K; in 2014, just one sold over that figure.
Now let’s compare year-to-date figures:
For the first ten months of 2014, 55 homes sold with a median price of $239,950 and 28 days on market.
For the first ten months of 2013, 71 homes sold with a median price of $255,000 and 24 days on the market.
Last year was a very strong year for Armour Hills home sales, and it looks like this year may see a dip in home values. There are still a significant number of buyers for our area–what is lacking right now is well priced, updated inventory. We have had several homes sell for over $350K in the past two years–higher than usual for the neighborhood. It wil be interesting to see how 2014 finishes overall compared to 2013 home sales.
Currently there are 16 homes for sale in Armour Hills, with a median list price of $269,900 and 47 days on market.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed)