Jackson County, MO Area Real Estate Update September 2020
Whether you live in Kansas City, Lee’s Summit, Blue Springs, or anywhere in between, the local Jackson County real estate markets have been hot this summer, and the same is true as we head into the fall. With mortgage rates a record lows, we continue to see a strong home buyer demand in Jackson County, MO. With the current low inventory levels, we don’t see this changing in the near term. Its a great time to buy a house in Lee’s Summit, and a sensational time to sell a house in Blue Springs, and the surrounding Kansas City area.
Jackson County August 2020 Residential Highlights
You’ve probably seen on the news that the stock market is bouncing back, and so is the local Jackson County housing market. All indicators point to housing leading the way in our economic recovery. In August, Jackson County showings and pending sales have remained very strong ,while housing inventory was about half of what it was in August 2019. This has resulted in a very competitive housing market involving multiple offer situations, bidding wars, and most homes selling very quickly. Let’s take a look at the latest market numbers from the Kansas City Regional Association of Realtors.
Jackson County Real Estate Listing Stats
New listings (1,314) decreased 48.3% from the 2,543 homes listed in August 2019, and decreased from the 1,361 listed in July 2020. Pending sales (1,374) increased 30% from the 1,057 offers accepted in August 2019, and decreased from the 1,291 offers accepted in July 2020. Closed sales (1,165) increased 1.6% from the 1,147 closings in July 2019, and decreased from the 1,252 closings in July 2020.
Inventory and Time on Market:
Inventory stayed even 1.4 months of supply in August as compared to July 2020. Total market time decreased to 37 days.
Year to Date Summary:
Comparing the first eight months of 2020 to the same period in 2019, Jackson County Closed Sales (7,708) decreased 0.7%, Pending sales (8,817) increased 8.9%
Average and Median Sales Prices:
Comparing 2020 to 2019 through August, the average sale price in Jackson County, MO has increased 6.7% to $221,943 from $208,051. In the same comparison, the median sale price has increased 7.9% from $180,250 to $194,500.
Jackson County Housing Demand Continues This Fall
With fall approaching, the Jackson County real estate market would typically slow down as school starts, However, the year 2020 is not a normal year in Jackson County real estate! COVID-19 continues to present challenges for buyers and sellers. Presidential election years always cause a little uncertainty in the market as well. The good news is that we continue to see a healthy demand for housing in the Jackson County area. The current low interest rates and low housing inventory levels will continue to drive the housing demand in the area.
Contact Your Local Jackson County Area Real Estate Agent
Contact us today at (816) 695-7352 for the latest market stats for your Jackson County area neighborhood!
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