End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Kansas City, MO (Jan-Nov 2023)

End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in Kansas City, MO (Jan-Nov 2023)

Introduction:
The following report presents a comprehensive analysis of the Metro New Construction Median Sale Price Per Square Foot in Kansas City, MO, spanning from January to November 2023. The data, sourced from Zillow, provides insights into the fluctuation of median sale prices over the course of the year.

Monthly Median Sale Price Per SF:
The data for the monthly median sale price per square foot (in US$) for newly built houses in Kansas City, MO, is as follows:

Analysis and Trends:

1. Overall Trend: The median sale price per square foot exhibits fluctuations throughout the year, with some months experiencing increases and others witnessing declines.
2. Highs and Lows:
   • The highest median sale price per square foot was recorded in June at $226.53, while the lowest was observed in March at $211.80.
3. Monthly Percentage Changes:
   • Calculating the monthly percentage changes allows us to observe the rate of increase or decrease in prices from one month to the next.

4. Annual Average: The annual average median sale price per square foot for 2023 is $219.69.
5. Quarterly Averages:
   • Q1 (Jan-Mar): $214.03
   • Q2 (Apr-Jun): $221.63
   • Q3 (Jul-Sep): $220.68
   • Q4 (Oct-Nov): $222.77
6. Closing and Ending Figures:
   • The year closed with a median sale price per square foot of $226.83 in November, indicating a slight upward trend towards the end of the year.

Recommendations and Market Predictions:
Based on the analysis of the data, it can be inferred that 2023 presented mixed opportunities for both buyers and sellers of newly built houses in Kansas City, MO.

• Buying Perspective: For potential buyers, the fluctuations in prices throughout the year may have presented opportunities to purchase properties at relatively lower prices during certain months, such as March and July, when prices experienced declines. However, buyers should be cautious and conduct thorough market research to identify optimal purchasing windows.
• Selling Perspective: Sellers may have benefited from the overall upward trend in prices, particularly towards the end of the year. Listing properties during months of higher median sale prices, such as June and November, could have maximized profits for sellers.

Market Outlook for 2024:
Looking ahead to 2024, it is anticipated that the market for newly built houses in Kansas City, MO, will continue to exhibit fluctuations influenced by various factors such as economic conditions, interest rates, and housing supply. However, based on the upward trajectory observed towards the end of 2023, there is potential for further appreciation in median sale prices. Sellers may continue to capitalize on favorable selling conditions, while buyers should remain vigilant for opportunities amidst market fluctuations.

In conclusion, the Metro New Construction Median Sale Price Per Square Foot in Kansas City, MO, in 2023 demonstrated dynamic patterns with both buying and selling opportunities. As we enter 2024, stakeholders in the real estate market should remain adaptive to evolving market dynamics to make informed decisions and capitalize on emerging opportunities.