Now that we are into the second half of the year, home sales will slow down..as is the usual pattern. Most sellers put their home on the market in the spring, and move in the summer. If you are looking for a home now, you may notice a lack of move in ready, well priced homes in the area (unless you are looking at homes priced over $500K). We’ve had a shortage of inventory all year–not enough move-in ready properties. Let’s look at the specific numbers..these are single family home sales from July 2014 in the Brookside zip code of 64113:
In July 2014, 32 homes sold. Median sales price was $320,000 and 76 days on market. The lowest sales price was $166,000 and the highest was $707,500.
In July 2013, 36 homes sold. The median sales price was $335,000 and 65 days on market. The lowest sales price was $165,000 and the highest was $1.475 million.
The drop in median sales price can be attributed to the fact that this year, twelve homes sold at $350K or higher. In July 2013, eighteen homes sold over $350,000. When the more of the higher dollar homes sell, average prices are pushed up.
Checking year to date figures:
From Jan-July 2014, 163 homes sold at a median sales price of $300,000 and 74 days on market.
From Jan-July 2013, 187 homes sold at a median sales price of $295,000 and 88 days on market.
Note the lack of inventory means fewer homes have sold. The median prices is virtually the same. Overall, I think we will end the year with an increase in average sales price for Brookside homes. Fewer homes sold indicates the lack of inventory for picky buyers–they will wait until they see what they want. The fewer days on market reflects the desire for updated, well maintained and median priced homes–they always sell quickly. I still believe that overall, prices are up for Brookside compared to last year.
Currently there are 93 single family homes for sale in the Brookside zip code of 64113 with a median list price of $377,000. Most of the homes for sale – 57 out of 93- are priced over $350K, with 9 priced over $1million. The strong demand for Brookside homes are those updated properties priced from $200-$350 to $400K.
(All figures taken from Heartland MLS and deemed reliable but not guaranteed).