Wyandotte County Real Estate Trends
Learn more about the current housing trends in Wyandotte County with our guide below. For additional information on the local housing market, please feel free to contact one of our local market experts.
Understanding Market Statistics
Attempting to understand market statistics can be a bit overwhelming at first. "All those numbers look fascinating, but what do they mean?" Some of the numbers in the chart on the left will be fairly simple to understand, but there are a few that aren't so easy to figure out. Here's a bit of extra information to help make the rest of these numbers a bit more useful to you.
- Homes Absorbed translates as the number of homes sold.
- Newly Listed means the number of new homes brought onto the market.
- Total Inventory simply means the number of properties currently for sale.
- Days on Market is basically the average number of days a home can expect to be for sale before a contract is closed.
Market Trends — 7-day vs. 90-day Averages
The charts below provide two sets of numbers: 7-day averages and 90-day averages. The 7-day averages are provided to give a real-time snapshot of the market. However, just like the stock market, these numbers may vary drastically from week to week. The 90-day average smooths out the peaks and valleys, giving you a more historically accurate picture of the local market's health.
In real estate, the median price is many times used in favor of the average price because median price will typically offer a more accurate picture of the local price levels. When averages are used, a few overly high-priced or extremely low-priced homes for sale can unfairly skew the average. Using median price is a better choice as it allows these extremes to cancel each other out, thus restoring the balance.
Inventory is traditionally affected by the seasons. Most years, there are more homes for sale in the spring and early summer and a fewer number of homes for sale in the fall and winter.
Though one would think that a higher inventory would mean more selections for buyers, there are generally more active buyers in the spring than in the fall, driving up the competition even during those times where inventory is high.
While inventory is a key number in examining housing trends, it is not a number that tells a complete story on its own. Couple inventory levels with median price, days on market, or the Market Action Index (MAI) for a clearer picture.
Days on Market
The average Days on Market is the number of days an average home can expect to stay on the market before selling. Homes in great condition and homes that are more competitively priced may sell more quickly than homes that may need a little extra TLC or homes that are slightly overpriced.
To potentially lower your homes Days on Market and sell it faster, examine the price and condition of your local competition. It is often best to make sure your home is in the best condition possible and priced at or slightly below the median price for your area.
A decrease in the average Days on Market over time can be a sign of a strengthening market.
Market Action Index
MAI stands for Market Action Index. The Market Answer Index addresses one of the most common real estate questions: "How's the market?"
The MAI measures the current rate of sale versus the amount of inventory to determine if we are experiencing a buyer's or seller's market. A MAI above 30 indicates a seller's market, while a MAI below 30 indicates a buyer's market.