The number of Kansas City homes listed on realty Web site Zillow dropped dramatically in April from the same same month last year, according to the firm’s monthly Real Estate Market Report. Listings here fell 24.1 percent from April 2018, said the report, which compared annual and monthly data from the top 35 housing markets in the country. Kansas City saw the second-largest decline of the 35, behind only Washington, D.C.’s 31.8-percent drop.
Though he was uncertain of Zillow’s exactly methodology in coming up with its figures, Chad Dumas, managing broker of ReeceNichols Lee’s Summit said that he is seeing a major lack of inventory for homes in the $300,000 range. “We are still struggling in the moderate price point,” he said. “There is a pent up buyer demand in those price points” that has dramatically increased in the last year.
The national average was a 1.7 percent decline in listings from last year. St. Louis experienced a steep decline as well, falling 10.8 percent. The largest new-listing gains were seen in San Jose, Calif., rising 38.7 percent; Seattle, up 22.8 percent; and San Francisco, increasing 19.7 percent. Denver was up 17.5 percent, while Detroit jumped 12.2 percent.
Meanwhile, the Kansas City Association of Realtors only has April inventory dropping by 3.8 percent year over year. Zillow also said that, compared to April 2018, Kansas City home values rose 7.9 percent, hitting a $192,900 average. Values fell 0.2 percent from March.