As we head into the usually busy Spring home buying season, it’s interesting to note that overall, home prices are trending downward; however buyers are still paying over list price. That sentence…can seem confusing, especially if you are in the market as a buyer. Let’s take a look at the numbers; I’m tracking single family home sales in the main Brookside zip code of 64113:
| March 2024 | March 2023 | |
|---|---|---|
| Median list price: | $475,000 | $657,000 |
| Median sales price: | $520,000 | $650,000 |
| Days on market: | 2 | 12 |
| No. of homes sold: | 17 | 16 |
Here we see that the number of homes sold remains steady, and buyers paid 9.5% over the asking price. Compared to March 2023 however, home prices are down 20%. Last month the lowest closed price was $260,000 and the highest was $1.3 million. Ten of the 17 homes sold were priced over $500K and two were over $1,000,000.
Here are the year-to-date trends:
| JAN-March 2024 | JAN-March 2023 | |
|---|---|---|
| Median sales price: | $510,000 | $550,000 |
| Median list price: | $517,500 | $542,500 |
| Days on market: | 3 | 19 |
| No. of homes sold: | 44 | 45 |
These YTD numbers aren’t as drastic but still reflect the trend: about the same number of homes are changing owners; buyers pay over asking price (YTD about 1.5%) and values are down 4.6%.
Currently there are just 12 homes for sale in the 64113 zip code, with a median list price of $974,500. Only one home is priced under $500K and five have prices over $1,000,000. There is just not enough inventory at the under $500K price point and when there is–the home goes under contract within a day or two.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed.)
Inside Brookside (And Waldo) 