Last week I gave you some great information on home sales in Clay County Missouri. We covered the 2nd quarter of 2019 and found that the average home sales price in Clay County shot up 7.4% from this same time last year. This week I’ll discuss 2nd quarter home sales in Platte County Missouri.
Clay and Platte County are both located in the Northern part of Kansas City Missouri. Although they are geographically similar, there are some key differences that cause home sales to differ in price between the two counties, mostly the fact that Clay County has more new construction homes than Platte County has.
Clay County had 195 new construction home sales during the 2nd quarter of 2019, while Platte County only had 100 new home sales. There are reasons for that, mostly because of the lack of new land developments in Platte County, but this lack of new construction in Platte County is effecting the overall availability and prices in the market. While Clay County saw an average home price increase of 7.4%, Platte County’s average price rose 11.2%. That may not seem like much difference, but comparing similar homes that sold at $350,000 in the 2nd quarter, the Platte County home rose $13,300 higher in value than the Clay County home.
It’s more than just prices that are affected by new home construction. National Association of Realtors statistics shows that every new home constructed adds an additional four jobs to the local market. That’s one of the main reasons why it benefits the counties to encourage new home construction. The other reason is taxes that are bringing in new revenue for years to come in the form of real estate taxes.
Another key factor in home sales between the two counties is the available inventory that’s for sale. Clay County had 777 home sales in April through June this year while Platte County only had 435 homes sold during that same period. That’s why my real estate team typically encourages first time home buyers to look at homes for sale in Clay County, simply because there are more homes available. If they want to live in Platte County, that’s fine with us and we’ll help them find a great home, but they’re going to pay a premium and be much more likely to get into a bidding war.
Speaking of bidding wars, I was talking to a new client earlier this week and showing them how right now is the absolute best time to sell their home. Their home is worth $225,000 and they are ready to move up to a much larger home in the $300,000 to $350,000 price range. I told them, “It’s the perfect storm for you two. We will very likely get multiple offers on your home, but there will be many homes for you to choose from in that $300,000 to $350,000 price range. Homes over $275,000 are not selling as fast and we don’t see as many bidding wars. We’ve seen some prices begin to soften in that area so we may be able to negotiate a great price for you on your next home.”
Right now, my real estate team is looking for more sellers (and buyers) that want to take advantage of this market. We have many options available to them, but we just need to sit down and talk to them first. We also have a dozen or so buyers that are actively looking for homes to buy so it’s possible we already have a buyer for your home. If you or someone you know is thinking about selling or buying, not just in Clay or Platte Counties, but anywhere in the greater Kansas City area, we’d like to speak with them.
Please email me at firstname.lastname@example.org or call/text me at 816-651-9001.