Kansas home sales rose by 9.0 percent in March 2016 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 3,137 units in March, up from 2,878 units in 2015. In comparison, sales on a national level rose by 1.5 percent for the month.
“At the end of March there was only a 3.6 months’ supply of homes for sale across the state” said KAR president, Deborah McMullen with McGrew Real Estate in Lawrence. “These are very tight inventories for the start of the Spring selling season, which should make it a sellers’ market.”
Across the state there were 11,318 active listings at the end of the month. Supply of new and existing homes on the market – which is determined by taking the number of active listings and dividing by the number of sales – represents 3.6 months.
The statewide average sale price last month was $181,138, compared to $179,997 in March 2015. This represents an increase of 0.6 percent. The statewide median sale price last month was $152,000, compared to $146,000 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 7.0 percent to $174,800. The national median existing home price was $222,700, which is 5.7 percent above last year’s figure. The median price is the value for which half of the homes sold for more and half sold for less.
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage last week was 4.01 percent.
KAR – The Voice of Real Estate in Kansas
The Kansas Association of REALTORS® (KAR) provides members with applications, ideas, knowledge and tools to help them succeed in real estate. Members can learn how to apply technology and productivity tools to grow their business; acquire knowledge about real estate trends, legal issues, legislation and regulation to gain a competitive advantage in the marketplace and connect with the best in the business to share knowledge and experience. This monthly statewide market report is provided so members can deliver the most accurate information to their clients and customers.
