Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” A snapshot of today’s Kansas City Metropolitan luxury real estate market, equates to median Sold Prices of $631,040 with an average of seven (7) days on the market in a seller’s market. This is great news for homeowners wanting to sell their current premium or luxury homes.
Much of the demand for housing over the past couple of years has come from the COVID pandemic. Let me explain, with remote work becoming more commonplace – the affluent’s idea of a desirable family home has changed dramatically. Before the pandemic – luxury clientele were trading in their sprawling estates for smaller, urban condos while large, rural properties sat on the market for months or years at a time.
Fast forward a couple of years. The affluent see their home as a stable respite from the changing world around them, expecting more space and flexibility from their properties more than ever before.
According to ILHM’s Luxury Report, Kansas City’s inventory of luxury and premium homes has created a Seller’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more.
“A Seller’s Market indicates that sellers have greater control over the price point. This market type is demonstrated by a fewer number of homes on the market and generous demand , causing competition upon buyers who ultimately drive sales prices higher.”
The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for near future concern.
“Demand remains strong, with the majority of luxury markets reporting sales in 2021 already outpacing the total number of sales in 2019 and 2020. Inventory continues to remain at one of the lowest levels of availability, certainly over the last 20 years, if not longer.”
Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. And another, it could be a lakefront property in the city. Or simply, a home in a quite neighborhood with the buyers preferred school district.
If you are debating selling your current premium or luxury home, now is the time to take action! Qualified buyers are out there waiting to buy their next luxury home from YOU! Contact me now, to start the discussions.