Kansas City Condo Real Estate Market Update Summary:
The Kansas City Condo Market continues to see a large supply of supply of inventory at 12.7 months. Supply had a 5% decline while demand decreased by 9% year over year.
• Median Home Sold Price down 9%
• Number of Homes Sold down 9%%
• Number of Homes under Contract down 50%
• Number of Homes For Sale down 5%
• Average Days on Market down 18%
• Months Supply of Inventory 12.7 months
Months Supply of Inventory is also known as Absorption Rate. A “Balanced” market is about a 6 month supply of homes. Less than 6 months supply is a seller’s market and more is a buyer’s market.