Reported by Wayne Shorty Short, Broker/Owner, CRS, CRB, ABR, ABRM, e-PRO, CRP
Updated October 15, 2011.
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Housing Activity Report for the Wichita, KS Metro area for the 1st 5 months of 2011.
The South Central Kansas MLS serving the Wichita, KS metro area reported sales data this week for May and the 1st 5 months of 2011. Existing homes sales only increased one sale (633 units) from April to May of 2011. This, however, was a decrease of over 25% on a year over year basis. We must realize that spring sales in 2010 were heavily affected by the "Up to $8,000" Tax credit offered last year. July sales in 2010 compared to 2011 will give us a much better idea how we are doing once the Tax credit is not a factor. The average sales price in May was up over April by 10+% but was still 3.6% below last year's level. A breakdown of May sales of the 683 units showed that 275 or 40% were below $100,000, 292 or 43% were between $100,000 and $200,000 and only 17% were above $201,000. 25% of the sales were cash, 34% of the sales were conventional loans, 27% were FHA loans and only 6% of the loans were VA backed. YTD sales for 2011 were below 2009 YTD levels by 7% and a considerable 34% below 2008 YTD sales. The summer of 2008 was when the massive aircraft worker layoffs started in the Wichita area. Over 15,000 workers lost their jobs in the next two years. New listings added to the market in 2011 are actually 12 % less than 2010 (5,715 new listings compared to 6,506 in 2010). Total listing available for sale at the end of May 2011 was 4,210 properties. This is a 8% increase over 2010 and their 3,889 homes. New home sales were 50 units higher than April, 2011 but YTD totals wee 17% below 2010 levels and 50% below 2008 levels. Interest rates at the 2nd week of June were holding steady. 30 year fixed rate loans were in the 4.5% range, FHA/VA loans for 30 years were slightly lower at 4.25%. 15 year fixed rate loans were in 3.5% to 3.625% range. A 5/1 adjustable loan was being quoted at 3,25% (fixed for 5 years). This is a great loan for someone who was only going to be in their home or the Wichita area for less than 5-6 years. The average price YTD of existing sales was $117,795. A client received, on average, 95.80% of their last asking price. This does not take into consideration on concessions paid by the seller for the buyer's benefit. The average price of all new homes sold in 2011 was $255,895. As always, call "SHORTY" at 316-554-2831 or 800-779-SOLD for up to the minute loan and housing information. You can also email us at shorty@realtor-shorty.com and visit us on the web at www.move2ks.com.
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.
Real Estate report for January, 2011 Wichita, KS metro area.
Data supplied below provided by the South Central Kansas MLS:
The median sales price of existing homes in November increased 3.8% compared to October but deceased 1.3% on a year over year basis. While existing home inventory dropped 5.5% last month, it is up 18.7% from a year ago. New home inventory is down 19.7% from a year ago. Months of inventory still indicates a buyer's market. A balanced market shows inventory at a 3-5 month level and last month's level was 7.8 months. This was a slight drop from the previous month. Existing home sales were 7,190 for the 1st eleven months of 2010. This is 11% below 2009 levels, 23% below 2008 levels and 36% below 2007 levels (our all-time high in sales).The average sales price of existing homes sold in November, 2010 was $124,718. This is about $2,000 higher than YTD stats. Days on the Market (DOM) were 82 for 2010 sold properties. New homes prices averaged $229,679 for the 1st eleven months of 2010. Foreclosure homes added to the market in 2010 were about 50% of the volume added in 2009. The same amount is expected in 2011. Nationally, there were about 1,000,000 foreclosures where sellers lost their homes last year and that many is still expected for 2011. Interest rates have risen about 1% over the last two months. Average 30 year fixed rate loans reached 5% before settling down to 4.875% this week. Some good news: Industrial production was up in December. It rose by the most in 5 months. Overall, production has risen 11% since hitting a low in the summer of 2009. Stronger production is just starting to effect hiring. Manufacturing employment grew by 10,000 in December. Wichita employers have started a slow round of hiring. Spirit Aerospace will continue to increase hiring over the next two years as Boeing increases production rates for several of its product lines. Nationally, trade deficit narrowed 0.3% in November. This was the lowest in 10 months.
September, 2010 Real Estate Report Wichita, KS metro area August sales were down about a third from 2009 but up slightly from July, 2010. August 2009 sales were 851 units and this August sales were 572 units. YTD sales were 5,447 units. This was 97% of 2009 sales, 76% of 2008 sales and 66% of 2007 sales. Existing home inventory was up 2.2% with 4,378 homes in inventory compared to 4,282 last month. The existing home inventory last month was 15.1% higher than it was a year ago. Total existing homes on the market are at the highest level for any month for the last 3.5 years. New home inventory is 18.3% lower than it was a year ago. Only 495 new homes are in Inventory now. A "balanced market" is considered to be a 5-6 month supply of homes for sale. There were 8.2 months of inventory in August but this was a lower level than July. A year ago there were only 4.7 months of inventory. The average Sales price for existing homes in Aug., 2010 was $131,698. The average price in Aug., 2009 was $122,823. The median Sales price in August, 2010 was slightly less than this time last year. The new homes average sales price for August was $245,318, about $4,200 more than a year ago. The median sales price for homes in West Wichita equaled the median sales price for homes in NE Wichita for the 1st time. High end sales in NE Wichita continue to suffer due to the lack of corporate transfers and layoffs in the aviation sector. Where the sales in the Wichita metro area are: Of the 572 existing home sales in August, 2010---477 were below $200,000. Only 17 homes sold above $400,000. The good news: Interest rates continue to be at historic lows. 15 year fix rates are around 3.875% and most 30 year fixed rate loans are below 4.5%. Business news: Both Spirit and Cessna machinists have voted Not TO Strike and long term contracts are now in place (10 and 7 years respectively). Boeing has ramped up production of some of its most popular jet liners and this means more business and jobs for Spirit and their local suppliers. Ten good reason to buy a new home in the fall of 2010: 1. There are some great deals out there. 2. Mortgages rates are historically low. 3. You can write off Interest and real estate taxes on your taxes 4. The home will belong to you 5. The Home normally off sets inflation concerns 6. You can upgrade your home because of cheaper prices and cheap interest rates. 7. Building Equity in your home is linked to the national economy. 8. You will eventually pay the home off and it's yours. 9. There are a lot of homes to choose from. 10. The Real estate market will get better and prices will start going up again.
The South Central Kansas MLS has released their June, 2010 figures for Wichita-area homes sales.
Existing home sales decreased by almost 10% between May and June, 2010. However, YTD sales increased by 10% due primarily to the Federal Tax Credit offered until 4-30-2010. Many of the sales that closed in May and June were contributed to that Credit.
New home sales increased dramatically (58.8%) from May with 77 sales compared to only 274 for the 1st 6 months. New Home inventory increased 11% to 512 units but this was still 22.5% lower than a year ago. Both new and used inventory are up 6.4% over Last month and up 10.1% over a year ago. There were 9% more existing homes listed so for in 2010 compared to the 1st 6 months of 2009.
Months of inventory increased to 5.4 months based on June, 2010 sales. Anything over 6 months favors Buyers.
YTD the average price of an existing home sold was $123,396 compared to $222,121 for new homes. The average existing home sold at 96.71% of their final list price and averaged 78 days on the market. Market days only count homes that actually closed.
Since the end of the Federal Tax credit in April, new contracts written are done 50% in both May and June. For the 1st time we are tracking showings in our two offices and showings are down over 50% from April 2010's level. These numbers do not bode well for the remainder of the year.
With interest rates at a 50 year low you would think buyers would be beating a path to any Realtor's door. It appears the continued worry about additional layoffs before the recovery in the aviation sector in Wichita has many potential buyers on the fence. The announcement last Thursday from Beech Craft about 25% to 75% worker layoffs in Wichita did not help.
What is selling: VERY well priced homes in excellent condition. Short sales made up 18% of all sales nationally (up 50% from a year ago) with some observers saying Short sales and REO's made up 40%+ of the national market.
What are Short Sales? This is where the sales price minus charges to the sale including loans owed is a negative value. In these cases we go to the lenders to get them to accept less than what is owed and the let the sale proceed. This does damage the seller's credit but less than a foreclosure. Medical problems and loss of job are the most common reasons for short sales, REO's and bankruptcy. Why would a lender do this? The loss is usually less than taking back a home plus the lender does not have any caring costs to the property
In Kansas, foreclosures rose 47% but were still low compared to the national average. In Kansas the foreclosure rate was 1.51% of all loans compared to 3.15% nationally. More troubling is the delinquency rate at 4.33% in Kansas.
What is projected for the rest of the year? More of the same until more jobs are created in the Wichita metro area. Rates should continue to stay low through the fall and this will help a bit in getting buyers to act now rather than later.
Wayne "SHORTY" ShortABR, CRB, CRS, CRP Broker/Owner, RE/MAX Realty Professionals East and West Offices, 316-554-2831 www.realtor-shorty.com, www.move2ks.com shorty@realtor-shorty.com
May, 2010 MLS Sales Statistics for the South Central Kansas area including The Wichita, KS metro area Home sales in May increased 5.7% over April 2010 closings, nationally they decreased 2.2%. Closings in May 2010 were still up 23% compared to May 2009. Average values of existing homes sold were up 2% over a year ago. This was expected with the end of the federal tax credit April 30, 2010 and closings needed to take place over the next two months. New contracts written since April 30th, 2010 and property showings are showing a downward trend (as much as 50%) and this will be indicated in July-thru September closings. YTD, closings are up 13% over 2009 for existing residential homes. 2009 sales were the lowest since 2005. There are 4.6 months of existing home inventory, a number trending to a seller's market. There have been 6,508 homes listed in 2010 compared to 5,875 listed in the same time period in 2009, a 11% increase. Builders have done a better job in controlling inventory. New Home inventory is down 34% from a year ago. YTD it is taking on average 79 days to sell an existing home at 96.57% of listed value. This data is for the last listing of a property at the last listed price. The average sales price of an existing home in 2010 is $123,330. The average price of a new home sold was $230,898.
2010 will be known as the year of two selling seasons. The 1st ½ with good sales fueled by the Federal Tax credit and the 2nd ½ known more for a selling season no better than 2009.
Real estate activity report for 2009 and projections for 2010
The economy is growing but fallout from the recession continues to impact commercial real estate. No commercial real estate recovery is expected before 2011. The job market is expected to rebound in the 2nd half of 2010 and that will cause a rising demand for office and warehouse space says NAR Chief Economist Lawrence Yun. Consumer confidence later this year will sustain the retail sector and encourage more people to enter the rental retail market. February's increase in retail activity on top of the 4th quarter increase in 2009 seems to be backing Yun's prediction.
Strong Gains in existing-home sales were experienced in most states in the fourth quarter of 2009. 48 states saw an increase in sales over 2008 with 32 state experiencing double-digit gains.
Short sales and Reo sales still make up a large amount of real estate activity in the later part of 2009 and into 2010. In November of 2009, National short sales accounted for 12.4% of the existing home market behind move-in ready REO sales at 12.6%. In January, 2010 short sale transactions accounted for 15.9% of home purchase activity. The percentage of distressed property sales in the housing market rose for the third straight month in January, 2010 reversing four months of declines. Total distressed sales nationally were 43.1% in January, 2010.Data provided by Campbell Surveys. www.campbellsurveys.com Unemployment triggers Foreclosures: Job losses and reduced income are the top reasons that many U.S. homeowners are facing foreclosure. Home Buying Trends for 2009: Source: National Association of Realtors 78% Bought a single family home 90% Began their search on-line 60% Were married couples 21% Were single women 10% Were single men Average age was 39 Median home value was $172,609
2010 Kansas Housing market Forecast: Source: Center for Real estate, Wichita State University Wayne Short, RE/MAX Realty Professionals is a member of the Center For Real Estate Advisory Board. Dr. Stanley Longhofer is the Director of the WSU Center for Real Estate. Employment: Total non-farm employment has fallen 4% from the beginning of 2008. It is expected to continue to fall through the 1st quarter of 2010, after which a slow recovery will begin. Interest rates: Low rates of around 5% will not last indefinitely but should not rise to any level that will hurt a housing recovery. The mortgage bankers Association forecasts the 30-year fixed rate will rise only to the 6.3% range buy the end of 2011. Wichita Forecast: Wichita home sales have fallen more than 30% over the last three years. Unlike some markets, inventories in Wichita also fell. As a result, home prices have continued to appreciate (slowly) throughout the down turn. Wichita home sales should rise by 5.1% to 9,059 units in 2010. 2010 home price appreciation is projected at a moderate 2.1%. Kansas home prices are projected to only rise by 1% during 2010. Wichita makes up 28% of the Kansas housing market.
2009 End of the Year MLS Statistics for South Central Kansas (Wichita, KS metro area)
Existing home sales for December, 2009 decreased by 31.4 % compared to November, 2009. This sounds very large but we must remember November sales were up over 40% because that was the original month homes had to be closed by to qualify for the $8,000 tax credit (free money from Uncle Sam). That date has been extended to April 30, 2010 for homes to be under contract and also allows some existing home owners to qualify for up to $6,500 tax credit. The average sales price of homes sold in December actually increased 4.3% over December, 2008.
New home inventory is 25% lower than it was a year ago. New and existing inventory combined was 3,710 units compared to 3,617 units a year ago. This represents a 2.6% increase in total inventory YTD.
Absorption rate for all price ranges increased from 4.6 to 6.4 months of inventory in December. December usually has one of the highest absorption rates because it usually is the lowest production month for sales.
Residential Existing sales for 2009 were 14% below 2008 levels, 28% below 2007 levels and 30% below 2006 levels. The total number of existing homes listed in 2009 was 2% less than 2008 but total units remaining not sold at the end of 2009 was 10% higher than the previous year.
Not every home listed sells: There were 7,533 sales of existing homes but there were 13,165 new listings last year.
Builders did a good job controlling their listing inventory. 569 homes were still on the market at the end of 2009 compared to 758 homes last year, a 25% reduction in inventory.
Absorption rates for exiting homes in various price ranges:
Price range Months of inventory of existing homes
Under $100,000 5.5 months $100,000 to $159,999 5.6 months $160,000 to $199,999 8.3 months $200,000 to $299,999 8.3 months $300,000 to $499,999 15.6 months $500,000 to $999,999 16.6 months $1,000,000 and above No sales in December, 32 homes for sale.
2010 sales are projected to be similar to 2009 sales. Some new aircraft hiring will take place later this year but will not be significant.
November, 2009 MLS activity Report for the Wichita, KS Metro area
November 11, 2009 WAAR reported October home sales for the Wichita Metro area. Existing home sales/closings increased 11% over the previous month and were up 1% over October, 2008. The median sales price of homes in October was 1.9% above the October, 2008 figure.
New home sales were up 8% compared to the previous month of September, 2009. Existing home inventory was down relative to September, 2009 but was 3.4% higher than a year ago. New home inventory is 24.1% from a year ago.
YTD sales are down 18% compared to the same period in 2008 and down 30% compared to the same period in 2007.
YTD average sales price of existing homes was $120,222 and new homes was $241,497. Average days on the market for all existing homes in all areas and price ranges were 64 days at 96.69% of last list price. YTD over 7,000 homes have been sold in the Wichita metro area.
Absorption rates of homes or Months of inventory in specific price ranges
There is a large variance in inventory levels and absorption rates at various price points. The lower price points are showing a buyer's market with limited inventory of quality homes. The mid price points appear to be balanced and the mid-upper and upper price ranges have a surplus of homes on the market and this is defiantly a buyer's market.
Price range Months of inventory based on October, 2009 closings
Under $100,000 1.83 months of homes $100,000 to $139,999 2.96 months $140,000 to $199,999 4.86 months $200,000 to $299,999 8.15 months $300,000 to $499,999 11.97 month $500,000 to $999,999 34 months $1,000,000 and up 29 months
August, 2009 MLS report From W.A.A.R for the South Central Kansas MLS
YTD closings in August, 2009 were down 16% from August 2009. YTD closings for January through August are down 22% from 2008 levels. YTD closings are down 40% from 2006 levels.
Listings YTD for 2008 are down 4% compared to new listings from January to August, 2008. Total existing homes on the market are up 4% compared to August, 2008.
New home inventories are down 24% compared to August, 2008.
The average sold price of an existing home in August was $122,823 and the Average home sold at 96.95% of the last asking price.
We are starting to see more standing inventory of existing homes in the higher price ranges.
$0 to 119,999 showed 4.24 months of inventory with 1701 homes available based on August, 2009 closings. $120,000 to 159,999 had 724 homes and 3.48 months of inventory $160,000 to 199,999 had 536 homes and 5.47 months of inventory $200,000 to 299,999 had 655 homes and 6.01 months of inventory $300,000 to 499,999 had 377 homes and 13.46 months of inventory $500,000 and up had 136 homes and 19.43 months of inventory
Wichita was just ranked the 10th best priced real estate market in the nation in one poll and one of the most affordable markets in the U.S. in another.
Sedgwick County was ranked the lowest in tax burden of the 7 most populas counties in Kansas. Kansas was ranked as a state with lower than average tax rates.
Stan Longhofer, director of the WSU Center for Real Estate recently spoke to a meeting of real estate brokers at the Kansas Realtors convention. He says the local real estate market is stabilizing but do not expect a rapid increase in sales. He does say an extension of the 1st Time buyers Tax Credit could have a pump-priming effect on the local market. He also said the Wichita and Kansas City markets inventories of homes remained well below national levels. He does not expect any substantial declines in real estate activity but the recovery will be slow.
Wichita, KS metro homes sales For May, 2009
The Wichita Area Association of Realtors and the South Central Kansas MLS have released data for May, 2009 reference Wichita, KS metro home sales figures.
Existing home sales increased 10.5% in May compared to sales in April, 2009. Existing home sales were up to 650 units from 588 units. Sales are down 26% from last year based on May, 2008 data. The median sales price of existing homes in May increased .9% compared to the month before. This data is contrary to most sales figures of the other top 100 real estate markets.
New home sales were also up in May over April of 2009. They increased by 2.5%.. The median price of homes sold in May was up to $215,400 compared to $196,310 in April, 2009. Total sales in may were down 7.8% compared to one year ago.
Total re-sale home inventory was up 5.4% compared to last month. Total inventory is .6% lower than one year ago. New home inventory decreased slightly from April's data and was 7.7% below one year ago.
Existing sold homes averaged 69 days on the market for May sold properties. The average list to sell price was 96.3%.
Absorption rates for various price ranges: Months of Inventory
Under $120,000 4.67 Months $120,000 to $180,000 4.44 Months $180,000 to $250,000 8.56 Months $250,000 to $400,000 9.4 Months $400,000 to $750,000 8 Months
Real Estate market update For 1st Quarter, 2009
Kansas ranked #36 out of the 50 states in lowest foreclosure rates for 2008 at 0.51%.
Wichita ranked #92 out of the top 100 markets in lowest foreclosure rates at 0.67%
Average sales prices for the Wichita MLS have increased each of the last two years. Only 31 of the top 162 metro markets had an increase from 2007 to 2008.
With just 46 agents in 2008, RE/MAX Realty Professionals was ranked #374 out of the top 600 real estate offices nationally. The company was also the top company in units sold out of the top 5 companies in total sales for 2008.
The average sales price for existing homes for the 1st quarter was $114,115. Average days on the market (last listing) were 71 days at 96.08% of final list price.
77% of all real estate sales in the metro area were co-op sales. (listing and seller agent work at different companies)
The average sales price of new homes for the 1st quarter of 2009 was $249,797.
In March of 2009, the number of closed transactions was 32.5 % lower than a year before. For the 1st quarter the reduction was 32%.
Sales are down 43% from three years ago, the busiest year of sales in Wichita. Total listings on the market are about the same as a year ago. New home inventories are down 6%.
Absorption rates for different price ranges: $0 to $119,999 is 4.5 months, a very good number. $120,000 to 179,900 is 6.4 months $180,000 to $249,999 is 12.75 months. Anything over 4-6 months becomes a buyer's market. $250,000 $399,999 is 14.5 months $400,000 to $749,999 is 17 months. Only 11 homes out of 189 sold in this price range in March, 2009.
Wichita was a highly ranked city in 2008
Wichita, KS for most of 2008 outpaced the rest of the nation in the quality of its real estate market, job increases and local private and public building projects. The economy started catching up with Wichita in the 3rd quarter and buy the 1st quarter of 2009 lay-offs increased the local unemployment rate to 6% and there for slowed down real estate sales.
Before all that happened Wichita has received many accolades in 2008 • U-haul ranked us the #1 city for inbound moves • Wichita is once again an All-American City Finalist • MSN.com ranked us one of the best cities to enjoy spring • One of top cities for Filmmakers to live • #11 in least congestion for the top 100 U.S. Cities • Veros Real Estate ranked us the #1 real estate market for 2008 • Forbes.com ranked us the 2nd best city for jobs • Best city for bargain real estate by MSN Wichita ranks high on wealth building survey by Salary.com. • Wichita, KS just ranked #6 on a survey of 69 cities for building personal wealth and Quality of life. • Wichita, KS just ranked #1 in MSN's nine best, livable cities. The cities had to have at least 500,000 population in the metro area. Wichita was ranked one of the most affordable in the Study. The high job growth, values of homes, quality of life, revitalization of the downtown and new Arena contributed to the ranking.
We are sure these ranking will fall in the next couple of years as Wichita recovers from the economic downturn but they are an indication of the inherent strength and desirability of Wichita and the Midwest.
February, 2009 Market update For Wichita, KS
The Center for Real Estate at Wichita State University and the Wichita Board of Realtors reported sales activity for all of 2008 and January of 2009 this week.
Real estate sales forecast for 2009 shows existing home sales at around 7,500 units, 11% less than 2008. New home sales are expected to decline by 17% to 1,280 units. Building permits are also expected to decline 19% from 2008 levels.
No rebound in sales levels are expected until the 4th quarter of 2009. This date could be extended depending on how long the current recession lasts.
Housing prices are expected to rise by 3.2% in 2009. New homes on the market has continued to slow and keep pace with the decreased demand for housing which has kept the market values in the Wichita metro area stable for the last 12 moths and is projected to do the same for 2009.
Home appreciation for 2008 was 1.5% even though the average sales price of existing homes rose by over 13%. Prices rose the 1st quarter of 2008 .2%, the 2nd quarter 1.3%, declined the 3rd quarter 2.2% and rose the 4th quarter 2.2% for an over all gain of 1.5%.
The January sales decline was more severe than expected. Sales in January, 2009 declined 35% compared to December, 2008. New home sales declined 45% for the same period. It appears home buyers were setting on the side lines waiting to see what congress was planning with the stimulus package that was just passed. The $8,000 tax credit for 1st time buyers (no pay back required) and the continued low interest rates should get buyers back into the market. Of course, this all depends on additional lay-off notices that may still be issued by local industry.
Good news in the local foreclosure rates And State and city rankings.
Kansas ranked 36th in the nation in foreclosures for 2008. Kansas real estate prices never had the explosive growth over the last 5 years as did other areas in the country so prices may have stabilized but have not fallen as they have in most of the country. Only ½% of all properties in Kansas are in foreclosure. Compare this to 4.5% in Florida, 4.5% in Arizona, 4% in California and 7.3% in Nevada.
Wichita, KS ranked 92nd among the top 100 metro markets in the U.S. in foreclosures. There were 1,698 properties with filings. This was .67% of all properties in the city. This low rate was 156% higher than the year before however and may show a and upward trend for 2009
March 12, 2009 Wichita, KS Economic update
Wichita, KS city council members have voted to add another Bridge from the core area of Wichita to the Cities' West side, the fastest growing area in the metro area. Presently there are only two accesses west and the new bridge will increase traffic flow by 50%.
Kansas will receive $1.75 billion of the federal stimulus package to rebuild roads, universities, help with education and the health care system.
Federal budget cuts could delay the replacing of the U.S.A.F.'s aging tanker fleet. A five year delay is being considered on the $100 billion dollar program that Boeing Military is bidding on. Should Boeing get the contract, all major modification of the aircraft will take place in Wichita.
A recent survey of area employers shows that 70% plan to no job cuts over the next three months. 15% of those surveyed plan to hire more employees and 11% plan to cut some employees.
ZIP Code: 67002 Approximate Location Boundaries: Small Bedroom community 5 miles East of Wichita
Location Characteristics: One of the areas best school districts. BR community for Wichita, KS. $100,000 to $400,000 range.
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.
