Reported by Wayne Shorty Short, Broker/Owner, CRS, CRB, ABR, ABRM, e-PRO, CRP
Updated October 25, 2011.
Current Market Rating: 2
1
2
3
4
5
Buyer's
Seller's
Current Price Trend: 3
1
2
3
4
5
Falling
Rising
Wichita, KS home Sales and Market Update for October, 2011
October, 14, 2011 Stan Longhofer, the director of the WSU Center for Real Estate held a industry meeting to discuss the Wichita area Housing market. His observations were: 1: This is the time to buy given the historically low interest rates plus pricing and supply of homes in the Wichita metro area. 2: Dan Jones with Capital Federal said we will see no better time in our lifetime to own and finance a new home 3: Wichita housing market has been showing a slow but growing number of sales over the last few months. 4: The housing forecast shows 2011 sales will end up down by 1.8% but 2012 sales should rise 8.8% in Kansas. Wichita sales are projected to rise 10% in 2012. 5: New home sales will see increases in sales in 2013. Longhofer says there is a lot of pent up demand and those who don't act in the next year will be kicking themselves for not doing it.
The full report and power point can be found by going to www.kake.com
Rose hill has announced a home buyer incentive plan. The plan is a 5-year tax incentive for new home construction and a 10 year grant program for the purchase of existing and spec homes. New home buyers will get a 95% tax abatement for 5 years. Both programs are open till Dec. 31, 2012. This program is similar to one announced Earlier by Maize, KS. That program gives a 100% grant toward property taxes for the 1st 3 years. The grant then reduces in steps to 40% by the tenth year. This program is a grant for new houses in the city limits of Maize, KS. South Central Kansas MLS September, 2011 Area Home Report Existing home sales decreased 5.3% between August and September of this year but increased 20.9% over the same period in 2010. The median sales price is 6.3% higher on a year over year basis. Total sales for the year are down 6% from 2010. Existing home inventory continues to drop and is 6.9% lower than a year ago. Months of inventory for existing homes were 6 months in September, 2011. This figure is at the edge of a buyer's to seller's market and total new listing taken YTD for 2011 are down 11% from the year before and available listing for sale are down 8% from last year at this time.. 23% of all sales in September were Cash sales, 38% were Conventional loans and 25% were FHA loans. The average sales price of existing homes was $125,973 with sellers receiving an average of 96.2% of their last advertised price. Average days to sale for the last listing on these homes were 92 days for the entire metro area. West Wichita averaged 72 days, NE Wichita average 119 days and Butler County averaged 95 days. New homes closed last month had an average price of $224,750. New home inventories are down 31% from the same time last year.
Wichita, KS real estate report for April, 2011
The South Central Kansas MLS reported just data for the 1st quarter of 2011. Existing sales increased 46% from February of 2011 but were 7% behind last year's #'s. The average sales price Year to date for existing sales was $112,243. Existing homes closings for the 1st quarter of 2011 were down 12% from a year ago and 38% below 2008 levels.
New home sales increased 17.9% over February and were 11.9% higher than a year ago. The year to date average sales price of new homes was $264,278 for the 1st quarter of 2011.
Existing home inventory rose 3.6% from one month ago and 5% from one year ago. YTD the total homes on the market are 5% over the 1st quarter of 2010 and 21% from 2008. The total # of new listings added to the market YTD over last year is actually down 16%. This along with increased sales should continue to shore up prices in the metro area.
New home inventory YTD is 20% below last year and about 50% below 2008 levels. Builders are not being allowed many specs by the banks and are continuing to wait on orders before building new properties.
YTD the average days on the market for existing homes was 106 days. Average sales price to list price was 95.82% of last asking price. This Number does not take into consideration any other seller concessions.
Months of Inventory is determined by dividing the number of homes on the market by the sales last month. A "Balanced Market" is considered to be 4-6 months. Months of inventory fell to 7.1 months in March compared to 10 months last month. New home inventory dropped to 12.5 month compared to 15.7 months in February, 2011. This number could dramatically drop with any serious increase in new home buyer activity.
West Wichita has 530 homes for sale and a 7.7 month supply based on sales in the 1st quarter of 2011. #'s for the individual zones are: SW Wichita, 265 sales and a 6.1 month supply, NW Wichita at 337 homes for sale and 6.5 months of homes, NE Wichita with 776 homes for sale and a 8.3 month supply, SE Wichita with 610 homes and a 8.7 month supply, Derby, KS with 203 homes for sale and a 6.9 month supply and finally, Andover with 153 homes on the market and a 5.2 month supply.
Location Characteristics: Wichita is the largest city in Kansas and is located in south central Kansas. There is a strong manufacturing base with 4 major aircraft companies located here. In addition there are several large medical facilities located in the area, oil & Gas, and a serious agricultural presence.
About Wayne Shorty Short:
Wayne Short is Broker/Owner of RE/MAX Realty Professionals. He has been licensed for over 28 years, has a MBA degree, is a past President of the Wichita Area Association of Realtors and actively sells 60-85 homes a year.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
