Let's take a look at some home sales statistics for Romanelli West and Romanelli Gardens, two subdivisions in Kansas City MO. All data taken from the Heartland MLS service, deemed reliable but not guaranteed.
Eight homes sold, average list price $321,775. Average sales price $309,000. Average days on market: 166.
Ten homes sold, average list price $301,175. Average sales price $285,560. Average days on market: 123.
Sales are happening faster in RW this year, and a couple of more homes have sold. However, the average sales price continues to fall.
Ten homes sold, average list price $400,753. Average sales price $383,654. Average days on market: 51.
Twenty-three homes sold, average list price $311,346. Average sales price $298, 507. Average days on market: 136.
I double checked my figures on these stats--that is a huge drop in averages sales and list price in one year. Days on market doubled. More homes sold, this could reflect more foreclosers in the area. The homes in Romanelli Gardens are older, larger and filled with charm. Some are not as updated as others. I suspect as the middle class continues to downsize their lifestyle and finances, the larger homes are not as desirable.
If you would like sales stats for your area, email me with your address.