Bash & Co. Sotheby’s International Realty: Your third quarter real estate market snapshot

Record high sale prices, reduced inventory, multiple offers and increased buyer demand are still the name of the game in the real estate world.

Can you believe we are heading into the 4th quarter of 2021? It’s hard to imagine but it is here. In the residential real estate world, the third quarter was another one for the record books, with record high sale prices, reduced inventory, multiple offers and increased buyer demand continuing to be the name of the game throughout the summer.

In what has been coined a seller’s market, we saw buyers taking steps such as making offers on homes sight unseen, offering more than the asking price and waiving inspections in order to stay competitive. In the Kansas City metro, there was a slight decrease of 4.2% in pending sales from the second quarter to the third quarter: 13,158 to 12,611. Closed sales also slightly decreased from 13,437 to 13,190 resulting in a reduction of 1.8%. (Source: Kansas City Association of Realtors).