Area home prices continue to rise, though sales have slowed.
Heartland MLS and the Kansas City Regional Association of Realtors says the 8,302 homes sold in Jackson County in the first nine months of the year went for an average of $185,025, a 6.3 percent gain from the same period in 2016. The median price was $159,000, meaning half sold for more and half sold for less. That’s up 7.4 percent.
That overall number of sales is down 2.3 percent, though homes are selling in 54 days, down from 65 days last year. Sellers have been getting 96.6 percent of their original list price.
Heartland and KCRAR compile figures from a wide area – 20 counties from Lawrence to St. Joseph to Warrensburg – and their regional figures generally align with what we see in Jackson County. The average home so far this year has sold for $209,370, up 5.5 percent, with a median price of $180,000, up 5.9 percent. New homes, of course, fetch the most – an average of $378,413, up 1.4 percent. Sellers of those homes are getting 101.8 percent of their original asking price.
Other recent data add to the snapshot of the area’s economy:
• New home starts are up 14.3 percent in Eastern Jackson County through the first eight months of the year, according to the Home Builders Association of Greater Kansas City. The eight-county metro area is up 7 percent. Lee’s Summit has the third most starts among metro cities – behind Kansas City and Olathe – followed by No. 11 Blue Springs, No. 14 Independence and No. 21 Grain Valley.
• The Creighton Economic Forecasting Group says Missouri has added 8,100 manufacturing jobs in the last year. That’s a gain of 3.1 percent. The group, based at Creighton University, says its monthly survey of corporate purchasing managers suggests factors such as new orders, delivery lead time and employment remain strong, indicating continued growth in the months ahead.
• The federal Bureau of Economic Analysis says personal incomes in Missouri grew 0.7 percent in the second quarter of the year, the same as the national rate. Nevada led the way at 1.3 percent. Iowa and Nebraska, at 0.1 percent, trailed everyone else, and Kansas also was in the bottom 10, at 0.4 percent.
The BEA also reports that the Kansas City area’s gross domestic product grew 1 percent in 2016. Economist Jeff Pinkerton notes in the KCEconomy blog, “That figure is just as unimpressive as it sounds. Of the 53 metros with at least 1 million people, this ranks us 38th.”
Who’s doing well? San Jose, Seattle, San Francisco, Austin, Raleigh. What do they have in common? They’re all centers of technology.
QuikTrip says its store under construction on Woods Chapel Road in Blue Springs should open in mid- to late November. It replaces the store across the street. The company also is replacing the store on Noland Road just north of Interstate 70 in Independence. That’s expected to open in mid- to late December, the company says. … Site work went on for quite some time at the southeast corner of Noland Road and I-70, and now that prime spot sits, awaiting what are expected to be restaurants. Who knows what we’ll get? Now we can add another prime restaurant spot directly across the street to the guessing game. Bandana’s Bar-B-Q at 4140 S. Noland Road has closed. The company has 27 locations – nearly half in the St. Louis area – but none now in Kansas City. … Eastern Jackson County had a couple winners in the recent Parade of Homes. Dreams & Design built the home at 4308 S. Stone Canyon Drive in Independence, and it was among 18 gold-level winners among single-family homes in the “Pick of the Parade” competition. Dreams & Design also was among 19 first-place winners in “distinctive plan & design” for a home in Lee’s Summit.
-- Jeff Fox is The Examiner’s business editor and reporter. Reach him at 816-350-6313 or email@example.com. Follow him on Twitter @FoxEJC or @Jeff_Fox.