Wayne's Real Estate Blog

3rd quarter, 2009 Wichita real estate sales data.

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Fri, 16 Oct 2009 16:33:47 -0500

3^rd Quarter report for Real Estate sales

Wichita, KS Metro area.

There are approximately 1902 Realtors. Only 455 Realtors did at least 9 sales so far this year or at least one sale per month. Approximately 75% of the MLS Realtors did not have at least one sale a month, the minimum to survive as a real estate agent. Kirk and I have sold close to 50 residential homes so far this year.

517 Realtors or 27% of all MLS participants did not have any sales in the first 9 months of 2009.

There has been a reduction of approximately 243 agents (12%) since the fall of 2008, now 1784 WAAR voting members.

Existing home sales decreased 10% August to September, 2009. YTD sales are down 21% from 2008 levels and 32% from 2007 levels. The median sales price of existing homes in September decreased 2% on a year over year basis.

New home sales decreased in September to 87 units, which represent a 13.9% decrease compared to the previous month.

New and existing home inventory combined was 4,047 homes this month compared to 4,105 last month representing a 1.4% decrease in the past month. One year ago the combined inventory was 4,069, which represents 0.5% decrease in total inventory over the last year. Total months of inventory for existing homes increased from 4.7 months to 5.3 months based on September, 2009 sales.

YTD the average sales price of a existing home was $120,403 with an average sales time of 65 days and selling at 96.68% of the final list price.

Inventory levels based on Sept., 2009 sales figures.

$0 to $99,999 price equals 4.2 months of inventory

$100,00 to $139,999 has 3.71 months of inventory

$140,000 to $199,999 has 5.55 months of inventory

$200,000 to $299,999 has 10.73 months of inventory

$300,000 to $499,900 has 14.35 months of inventory

Only one sale above $500,000 in September and there are 130 homes for sale in the price range.

Wichita real estate update, September, 2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Mon, 28 Sep 2009 10:47:47 -0500

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 10^th 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 1^st 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.

September, 2009 Economic update for Wichita, KS

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Fri, 18 Sep 2009 11:17:10 -0500

Wichita, KS Economic Update

September, 2009

The unemployment rate dropped in August for the 1^st time in 2009. The revised rate for Wichita in June was 10% and it has dropped to 8.9% in August. The rate in Kansas was 7.1% and the lowest rate in the state was for Manhattan at 4.1%.

RealtyTrac has reported that 1 in 347 homes received a foreclosure filing in August.

Option ARM loans are the next big worry for the economy starting in the next few months. The mortgages differ from other ARMs by offering an option to pay only the interest each month or a low minimum payment that leads to a rising balance in the loan's principal. When the balance of the loan reaches a certain level or the mortgage hits a specific date, the borrower must begin making full payments to cover the new amount. The majority of these loans were taken out by borrowers who could qualify for regular conventional loans and many loans tend to be on more expensive homes. In many cases the borrower could choose the payment they wanted, often $100's per month below what the payment should be.

Because the new monthly payments can be five or 10 times what borrowers are accustomed to paying, they threaten a much greater hit to the consumer than the subprime loans which were often extended to less credit-worthy borrowers.

Tanker Contract: Round three.......

For the 3^rd time the defense department is expected to put up for bid a $35 Billion dollar contract for the new-generation USAF refueling tankers. Boeing will submit a bid based either on the 767 or 777 airplane. The other main bidder will be Northrop Grumman in partnership with Airbus. Wichita Boeing is hoping to do the modification work which would create 300-500 jobs plus another 500 jobs by local contractors. The request for bids should happen in the next two weeks.

Wichita real estate #'s will be released in a few days but appear to be 15% below last years level. YTD sales to July were down 25% from 2008 numbers. Nationally, August sales matched 2008 sales and in many depressed markets were up dramatically. The $8,000 1^st time buyer's credit will end the 30^th of November, 2009. There is a push in Washington to extend the program and possibly make in available to any one buying a residential, owner-occupied home. There is only a 60% chance this will probably happen and then only if it can be done with out increasing the deficit.

Wichita, Kansas Economic update

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Wed, 09 Sep 2009 16:58:10 -0500

Wichita Economic update

September, 2009

The new double deck terminal for Wichita Mid Continent Airport will cost $150,000,000. Bids will be let this fall. No local taxpayer funds will be used for this project. The terminal will be built just west of the present terminal.

International air travel has been serious hurt by the global economic recession. Air travel for 2009 will be down 6 to 8% globally and is not expected to return to normal levels until 2011. China and India are the exceptions to these downturns and travel is expected to be up 4% in 2009 and 6% in 2010. Asia will surpass North America in the next 20 years as the largest air travel market. Locally, air travel has been steady but the local aircraft plants have laid off 40% to 50% of their workers and the local unemployment rate has climbed from 4.7% in November, 2008 to 10.2 % in August, 2009. No improvement in hiring or the unemployment rate is expected till later next year.

Phil Ruffin, Owner of the Wichita Greyhound Park, has submitted a plan to the Kansas gaming commission to re-open the park if he can have additional gambling with slots. Ruffin wants the state to amend the current gaming law to allow more profit for the Tracks that have racing and slots. Additionally, voters of Sedgwick County (Wichita area) would have to approve slots for the Wichita track. The track was previously closed in 2007 when slots at the track were defeated by the local voters in an extremely close vote where they also did not vote for a state owned casino in the county. A casino has now been approved just south of Sedgwick County at the Mulvane exit in Summer County.

The Kansas City Chiefs foot ball team was recently ranked as the 14^th most valuable NFL Franchise at a little over $1 billion. The Dallas Cowboys were the most valuable team and the Oakland raiders were the least valuable.

Ranking for National Real Estate Franchises for sales in 2008 has been released.

In 2008 RE/MAX agents led the nation in unit and volume sales. RE/MAX agents sold 21% more than Coldwell banker agents, 46% more than C-21 agents, 57% more than Keller Williams' agents, 60% more than Prudential agents, 85% more than ERA agents, 89% more than Realty Executive agents and 91% more than GMAC agents.

Wichita business update for August, 2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Thu, 27 Aug 2009 12:47:37 -0500

Wichita, KS Business Update

August 27, 2009

Wichita Aquifer Project:

Wichita, KS is making sure it's water supply stay available for future growth by taking excess water from the Arkansas river, filtering it and pumping it back into the Equus beds aquifer to create plenty of product through 2050. The cost of the project will be around $400 million.

NCAA scouting out Wichita:

The NCAA is in town checking out the new 15,000 seat Intrust arena in Downtown Wichita. Wichita has bid on tournament games for 2011, 2012 and 2013. NCAA official are checking out the arena, parking, hotels and other services for future events. It has been fifteen years since Wichita hosted a post season NCAA men's basketball game.

Wichita rated top 10 City in finding jobs:

U.S. News and World report rated Wichita one of the top ten cities in finding a job. Even though the unemployment rate has reached 10+% in the last few months the stable housing market, health care sector and U.S. Air Force base expansion justified the ranking. The downturn in the aviation sector was noted but the potential for a strong recovery signaled strong growth for the city and future jobs.

Wichita Real estate prices Stable.

Wichita home prices for the 1^st half of 2009 were stable and slightly higher than the year before. Even though there were 25% less sales in the 1^st half of 2009, Wichita was able to remain one of the few areas in country with out declining prices. While other markets went up 15% a year in values in previous years, Wichita's values raised 2-4%. When the down turn hit the national price index fell almost 35% while Wichita still maintained a positive number.

July, 2009 MLS and economic report for the Wichita, KS metro area

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Mon, 24 Aug 2009 10:04:30 -0500

July, 2009 MLS & Economic Report

Wichita, KS

July, 2009 Home sales figures:

Existing home sales decreased 4.5% from June, 2009 totals. June sales had been up 20% over last May's dismal figures. YTD home sales in the metro area are down 24% from 2008 totals as of the end of July. July, 2009 sales were down 16% compared to July 2008. #'s of new listing rose 3% in June compared to last year but were still down 5% YTD.

The number of existing homes on the market was slightly up compared to last month but was stable compared to a year ago.

New home sales were down 20% compared to June, 2009. New home inventories were slightly lower than a month ago and 14.9% lower than a year ago.

Over all inventory levels were 4.6 months. Lower priced homes tended to sell faster and for a high % of list price than more expensive homes.

Example of time on the market:

$119,000 and lower homes had 3.97 months of inventory based on July, 2009 sales #'s.

$160,000 to $179,999 homes had 4.8 months of inventory.

$200,000 to $249,999 homes had 6.71 months of inventory

$300,000 to $399,999 homes had 10.3 months of inventory

$500,000 to $749,999 homes had 13.6 months of inventory

Unemployment levels continue to climb in the metro area based on the slow down in the aviation sector. Sedgwick County had an unemployment rate of 10.2% in August, the metro area was 9.9% and this compared to a national rate of 9.4%. Last November, the area rate was 4.7%. Improvement in this area is not expected for 15-18 months.

Wichita, KS real estate activity for 2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Sat, 25 Jul 2009 13:50:10 -0500

The 1^st 6 months, Wichita, KS metro area real estate activity

Existing home sales increased 20.9% over May 2009's figures but were still down 10% from the same period in 2008.

New home closings were up 48% compared to a month ago. The median new home price in June was $196,998 compared to $215,400 a month ago.

Existing homes on the market rose by a little over 2% compared to a month ago. The total inventory of existing homes was only 1.5% higher than a year ago.

Builders are slowing building and more buyers' interest in the market is further reducing the inventory levels to 5.5 months. Existing home inventories in all price ranges was 4.5 months.

June, 2009 absorption rates:

Under $119,900, 4+ months of Inventory

$120,000 to 179,900, 3.5 months of inventory

$180,000 to 299,900, 6.5 months of Inventory

$300,000 to 499,900, 7 months of inventory

Above $500,000, 12+ months of Inventory

YTD numbers for Existing homes:

Average days of the market, last listing: 67 all markets, only 48 days in west Wichita

Average % of list price: 96.54%, 97.84% in west Wichita

81% of all residential sales in the Wichita metro area were co-op sales.

Wichita, KS economic update....

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Fri, 10 Jul 2009 18:23:53 -0500

Wichita was just rated the #2 metro area out of the top 90 in the U.S. for the least commute time for residents and least traffic delays.

McConnell AFB has added 15 air refueling tankers to the 31 tankers already based in Wichita. By October, 48 tankers will be based in the "Air Capital". With the additional people, and projects being completed to support the new planes there will be a $500 million dollar a year impact for the metro area. The KC-135 tankers arrived from bases in North Dakota, California and Georgia. Wichita is now home to one of the largest tanker bases in the USAF.

Cessna has formally cancelled the Columbus Wide Body Business jet. They are paying back $10 million in bonds already given to them by the city and the county. Cessna will revisit the concept once the Business jet market returns.

There have been approximately 12,000 lay offs announced or completed in the last year in the Aviation sector in Wichita since last summer. These lay offs are projected to last 15-18 months before call backs start.

The new 15,000 seat downtown arena is being completed faster than planned. It may be finished 3 months a head of schedule. The arena was fully paid for by a 30 month 1/2 cent increase to the local sales tax.

May real estate stats for the Wichita, KS MLS

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Wed, 17 Jun 2009 16:49:15 -0500

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

April, 2009 real estate update

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Thu, 21 May 2009 16:16:33 -0500

April real estate update

For 2009

Sales figures are in and April's sales were 9.1% higher than March. They were still 27.5% below 2008's numbers. Average sales price of existing homes in April was $113,445. The existing inventory of homes remained relatively stable from March to April this year and to April, 2008 figures. Total existing listings available for sale are 10% below 2008 levels.

The new home inventory dropped 7.9% from March's levels and was 7% below April, 2008's level. Average sales price was $254,000.

Absorption rates:

Homes priced below $120,000 have 4.5 months of inventory.

There are 5.2 months of inventory in the $120,000 to $180,000 price range.

$180,000 to $249,900 price range of homes is 9.67 months of homes for sale, down from 12.75 months in March.

$150,000 to $399,999 price range has 11 months of inventory and anything above 400,000 has 3 years of inventory.

Wichita real estate update, 1st quarter, 2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Tue, 12 May 2009 16:05:39 -0500

Real Estate market update

For

1^st 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 1^st 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 1^st 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 1^st 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.

Good and not-so Good news for the Wichita, KS area

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Wed, 29 Apr 2009 10:35:29 -0500

Good and not-so Good news for the Wichita, KS area

April, 2009

Peter Greenberg, the travel editor for "Today's show" and the Newsmax Magazine, based in Florida, have named Wichita, KS the Number 1 city for Best American Values. Wichita ranked high in the following areas: Family friendliness, culture, wholesomeness, devotion to religion and community activities. Hospitality and friendly businesses came in next. We were rated lowest in scenic beauty (it is very flat here) and education (the new $300 million dollar bond issue) should help here.

Kansas City and Edmond, OK were the only other Midwest cities rated.

Investors are starting to re-enter the Wichita real estate market as they choose where to invest and ant a more stable market than stocks. Our team has defiantly seen this over the last two months as we sold 8 twin homes, 2 office builds and one strip center.

Kathleen Sabelius, KS Gov. was sworn in yesterday as Health and Human Services Secretary. Mark Parkinson the Lt. Gov. (a Republican turned Democrat) was sworn in as KS's 45^th Governor.

Siemens, a German Corporation, will decide this week if Hutchinson, KS (30 miles NW of Wichita) will be the home of its U.S. plant for building Wind Turbines.

Cessna Aircraft Company laid off 4,000 workers at the end of march and has just announced another 1,300 60 day notices to Wichita workers. Cessna is also suspending the building of a new plant for the $27 million Columbus business jet due to the erosion of the business jet market in the U.S. and overseas.

Wichita, KS was a highly ranked city in 2008.

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Sat, 04 Apr 2009 16:24:53 -0500

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 3^rd quarter and buy the 1^st 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 2^nd 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.

Wichita, KS Spring Real Estate update for 2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Fri, 03 Apr 2009 10:29:59 -0500

1^st Quarter, 2009

Real Estate & Economic report for the

Wichita, KS metro area

Another Round of lay offs in the aviation industry was announced this week in Wichita, KS. In addition, there will be two to three companies doing furloughs for two to three weeks this summer. Total lay offs in the Aviation industry announced or all ready done exceed 10,000 workers. This will be a total employment impact of 20,000 plus workers before the end of the year.

Before last fall, Wichita had seemed to be immune from the financial hardships of other areas of the country. But after 16 months of a recession, the negative job impact was bound to hit the local area.

Nationally, an upturn in the economy is projected in the 3^rd to 4^th quarter of 2009. Wichita will not see a local upturn until the following year. It's just a reality that corporations do not go out and buy a $20,000,000 jet because they had one good quarter.

In contrast to what has happened in 2009, U-Haul has issued a report on metro areas that had more than 5,000 moves in or out. Wichita ranked #1 for % of inbound moves over outbound moves in 2008.

__________________________________________________

Wichita, MLS data for the 1^st two months of 2009

Wichita closed sales for the 1^st two months of 2009 were down 32% from last year. Last years sales for the entire year were down 16% from 2007 sales data.

Total listings on the market compared to last year is only up 2% and total new listings added to the market is actually down 3% but the dramatic decrease in sales has pushed up the months of inventory in most price ranges.

The average sales price for the 1^st two months has dropped from last year but it's in line with the previous two years. Average days on the market of sold properties was 71 days (does not take in to account previous listings of the same property) and average list to sale price was 95.85%. These numbers are basically the same as last year. A significant piece of data is the 779 sold existing homes in the 1^st two months compared to the 1,965 new listings, 2.5 times as much. This may be a fore warning of things to come over the next few months.

The absorption rate on inventory has increased since last fall's report.

There is 6 months of inventory below $120,000

8.25 months of inventory from $120,000 to $160,000

11.9 months of inventory from $160,000 to $200,000

20.25 months of inventory from $200,000 to $300,000

17.35 Months of inventory from $300,000 to $400,000

These inventory levels are based on sales for February, 2009 and total listings available.

March, 2009, Wichita, KS economic update

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Thu, 12 Mar 2009 11:07:30 -0500

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.

Real estate update for Wichita, KS, 2-2009

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Thu, 26 Feb 2009 10:24:27 -0600

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 4^th 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 1^st quarter of 2008 .2%, the 2nd quarter 1.3%, declined the 3^rd quarter 2.2% and rose the 4^th 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 1^st 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 36^th 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 92^nd 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

Taking advantage of the new $8,000 1st time buyers tax credit

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Tue, 24 Feb 2009 15:38:27 -0600

Taking advantage of the new

$8,000, 1^st Time buyers Tax Credit.

How would you like to own a new home for free?

Let's say you are a renter paying $950 a month to rent a small home. I can sell you a $110,000 home with payments $125 below what you are paying for rent, give you a tax deduction on the interest and taxes you are paying and reimburse you your initial down payment and closing costs.

How is this possible?

The federal government is giving 1^st time buyers or folks who have not claimed a MTG interest deduction for the last three years up to $8.000 off of the taxes they owe or will give them a refund for the difference if they owe less than Tax credit. 1st time buyers can deduct 10% of the purchase price of a new home up to $8,000 from their tax obligation.

Let's say you bought a $110,000 home. Total down payment and closing costs on a FHA fixed rate loan would be around $7,000. The Tax credit to you would be $8,000 or $1,000 more than it cost you to buy the home. Payments would be at least $125 less than renting the same home plus you get additional tax deductions for the taxes and interest paid. Over $3,000 back the 1^st year over costs paid.

Don't want to wait till next year for the tax credit? Have your employer increase the amount of deductions you claim and get the money back each month for the 1^st year.

Additional questions: Call me at 316-554-2831 or visit my web site at www.realtor-shorty.com

Wichita housing and economic update

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Tue, 24 Feb 2009 15:36:56 -0600

Wichita housing and economic update

Kansas ranked 6^th in the nation for new jobs in 2008. Only 14 of the 50 states had an increase in total jobs with the majority being located in the central United States. Texas had the largest increase in jobs surpassing all increases in the other 13 states.

Unemployment in November was 4.7% in the Wichita metro area. This rate is well below the national unemployment rate and well below the 2003 unemployment rate of 8.3% in 2003 caused by the 9/11 terrorist strike and subsequent reduction in commercial aircraft orders. The recent announcement of up to 2,000 additional layoffs should not have a serious impact on home sales in 2009 because Wichita consumers backed away from purchases in 2008, 16% below 2007 levels. These sales levels were lower than they should have been and were caused by a lack of confidence in the economy. Fortunately, in Wichita, listings were down 13% which caused the local market to remain balanced between sales and homes on the market. In fact, the average price of homes sold rose by over 10% in 2008 compared to 2007. The medium price rose by 5%. This increase was mostly caused by the inability of low end buyers to find cheap-minimum down loans rather than an over all increase in Wichita home values.

Home foreclosures rose 12% in 2008 but the Wichita, KS market remains well below levels in most other cities and states. Kansas had only 1.6 % of homes in foreclosure compared to 2.97% nationally. Wichita never had the huge increases in prices as other areas did nor were there excessive subprime mortgages used in the local area. In 2005 there were only 1,618 foreclosures in Sedgwick County. There were 2,066 in 2008.

January, 2009 Wichita Houseing update

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Sat, 24 Jan 2009 10:05:09 -0600

Wichita housing and economic update

2008 Wichita, KS MLS Stats

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Thu, 22 Jan 2009 12:31:57 -0600

2008 MLS Stats for the Wichita, KS Metro area

The Wichita, KS metro area survived the 2008 housing meltdown better than most real estate markets. Home values in the 1^st half were up 3.5% and were relatively flat for the 2^nd half. The overall market in units sold declined 16% from the previous year which was the 2^nd best year on record for the area. Volume sold for existing homes declined 13% but was the 2^nd best year on record. New home sales were 1561 units which was the lowest since 2001.

The market was able to maintain a stable presence because new & existing listing added to the market actually declined 13%. This stabilized the market. Average days on the market of existing homes were 63 days and the average sold to list price was 96.74% for the 4 county areas. The number of existing homes for sale at the end of 2008 was 10% lower than 2007.

Surprisingly the Average sales price of existing homes rose 13% to $133,262. Median prices rose 5%. The average new home sold rose 10% in price. This does not mean all prices rose this amount but that folks were just buying more expensive homes. The large increase in existing homes had more to do with the elimination of sub-prime loans, larger down payment requirements and credit score levels.

Over 3/4ths of all existing sales were co-op and 2/3rds of new home sales were co-ops.

Absorption rates for existing single family homes at the end of 2008.

There was 4.5 months of inventory for homes under $100,000.

There was 4.7 months of inventory in the $100,000 to $159,999 range

There was 7.8 months of inventory in the $160,000 to $199,999 range.

There was 9.2 months of inventory in the $200,000 to $299,999 range

There was 9.8 months of inventory in the $300,000 to $499,999 range

There was 16 months of inventory in the ½ million plus range.

Wichita real estate update for 2008

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Mon, 19 Jan 2009 17:39:55 -0600

Real Estate Update for 2008

2003 thru 2007, Wichita‘s average increase in home values rose 15.2%. 2008 values rose 3+% the first half of the year and were stable the second half. The Wichita, Kansas metro area was only one of 5 to 6 areas out of the top 100 metro areas that showed an increase in home values for 2008. There were areas in Florida, Arizona and Nevada that showed as much as a 30% drop in values during the same period.

Wichita real estate sales were down roughly 18% in 2008 compared to 2007 but a similar reduction in listing for sale tempered the reduction and created a balanced market for the metro area. 2008 sales were similar to 2003 sales which at that time was a record for the metro area.

The national unemployment rate has passed 7.2% and is projected to go close to 10% before the stimulus packages before congress take effect. Wichita's rate is 2/3^rd's the national rate even with the latest round of lay offs in the aviation sector.

Interest rates have reached a 37 year low the end of 2008 and January, 2009. 30 year fixed rate mortgages can be found in the 4.875 to 5% range with no points or origination fees. Now is an excellent time to refinance your home or possibly buy that new home.

Below is an example of what these lower rates mean to you:

Original loan of $150,000 at 6.75% shows a P&I payment of $972.90.

Refinance at 4.875% the same $150,000 loan and get a $793.81 payment.

That's almost a $175 monthly savings you can apply to the principal, pay off high interest rate credit cards or for the same original payment, buy a $33,500 higher priced home.

Final sales results have come in for 2008 and all the RE/MAX brokers in Wichita were again #1 in Listings sold for 2008 and #2 for total sales. RE/MAX Realty Professionals two offices were #1 in units sold per agent of the top 5 companies in total sales. All the RE/MAX Realtors were #1 in units sold per agent of all real estate brands. The two offices of RE/MAX Realty Professionals were #5 in the city in total sales last year and did this with 48 agents. The 4 companies who out produced us averaged 188 agents.

2008, Wichita <k board and MLS production stats

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Mon, 19 Jan 2009 17:36:18 -0600

2008 board and agent Production stats

For the South Kansas MLS

The Wichita Board of Realtors ended the year with approximately 1769 agents and the South Kansas MLS finished with 1880 agents. Two years ago there were approximately 2300 MLS agents.

1880 agents in the MLS at the end of 2008. The year started with about 200 more.

1596 agents had at least one sale in 2008

677 agents or 35% had 2 or less sales.

Only 798 agents (42%) had at least a sale ever other month.

There were 20086 units sold by the 1880 agents, or an average of 10.86 sales per agent based on the end of the year #'s. Units sold are sides of the transaction.

The top 5% of the agents did 4681 units sold, 23% of the total. The average units sold per agent was 24.9.

The top 10% of the agents did 7410 units sold, 37% of the total. The average units sold per agent was 19.7.

Agents losses of the top 8 companies for 2008:

Company 2007 2008

Prudential 357 289

Coldwell Banker 168 127

JPW 249 230

Plaza 119 108

RE/MAX Realty Pro. 49 48

R.E. of Wichita 44 42

Keller Williams-west 80 53

Keller Williams-east 80 73

Wichita, KS Real Estate Housing Information, Jan. to Nov. 2008

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Sun, 28 Dec 2008 12:46:16 -0600

Total Sales in All Zone

New Homes

Existing Homes

Total Homes

Related Pages: WSU Home Price Index / WSU Home Price Calculator

TOTAL YEAR-OVER-YEAR SALES (new & existing):   In November, year-over-year (Y/Y) sales of Wichita-area single-family homes fell by 38.0%, dropping from 907 sales in November 2007 to 562 sales last month.

NEW HOME SALES:   Sales of new single-family homes in the Wichita-area market fell to 92 from 159 in November 2007, which represents a 42.1% Y/Y decline. Year to date, sales are down 13.5% over the same period in 2007.

EXISTING HOME SALES:   November sales of existing single-family homes in the Wichita-area market decreased by 37.2%, dropping from 748 sales in November 2007 to 470 sales last month. Year to date, sales are down 16.7% over the same period in 2007.

MEDIAN DOM (existing homes):   In November, the median Days on Market (DOM) of existing homes decreased slightly to 41 days from the 43.5 days reported in October. On a Y/Y basis, median DOM is up 2.5% over the 40 days posted in November 2007.

MEDIAN SALE PRICE (existing homes):   For November, the median sale price of existing homes fell slightly to $100,750 from the $105,000 that was posted in October.

WSU Home Price Index

Sedgwick Co. | Wichita by Sector: East NE NW SE SW West

Overall Index | Annual%Change | Quarterly%Change

Sedgwick County home prices appreciated by 3.34% between the second quarters of 2007 and 2008. For the quarter, home prices appreciated by 1.60%, which translates into an annualized increase of 6.57%.

Overall, home prices in Sedgwick County have risen at an average annual rate of 3.10%, during the past five years. In contrast, prices of other goods and services have risen by 3.55% per year, over the same time frame.

COMMENTARY: Wichita area home prices rebounded solidly in the 2nd quarter of this year. Although there is still some weakness in the lower end of the market, tight inventories are resulting in upward pricing pressure in the middle and upper price ranges.

Source:	WSU Center for Real Estate using data provided by the Sedgwick County Appraiser's Office

Additional Data:	WSU HPI & OFHEO HPI Comparison Graphs WSU Home Price Indices Methodology WSU Home Price Index Sector Definitions

Wichita, KS MLS Stats for Jan-Oct, 2008

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Wed, 10 Dec 2008 17:30:00 -0600

January 1, 2008 to October 31, 2008

MLS Statistics

For Wichita, KS metro area MLS

The # of residential sales for October, 2008 was 822 homes. That is the 3^rd lowest # for the year and 17.3% below October, 2007.

YTD closings of existing homes is 8,768 compared to 10,259 YTD for 2007. This is a 14.4% drop in closed homes for 2008.

New residential listings declined in October, 2008 to 1,115 units compared to 1,247 in October, 2007. YTD new listings were 13.2% below the total YTD for 2007.

The total number of existing listings available for sale at the end of October, 2007 was 4.6% less than a year ago. There were 10.2% less new homes available than 2007. Unlike other metro areas, listing inventories in the Wichita metro area have actually dropped which has helped the Wichita market actually have a positive increase in average sales price compared to 2007. Out of the top 100 metro markets in the U.S., Wichita ranked #4 in average value increase for 2008

Average DOM for existing home in 2008 was 64 with an average list to sales price of 97.01%.

West Wichita and SE suburban Sedgwick County had the tightest market. Zone 100 or West Wichita averaged 49 days on the market and 98.09% list to sales price. Zone 900 or SE Sedgwick County was 53 DOM and also 98.09% list to sales price. The average price of existing homes in October, 2008 was $123,412 and the average price of new construction was $235,564.

Absorption rates for various price ranges:

Price range Units sold Units on the market Months of inventory

Under $100 340 1411 4.15

$100-140 169 647 3.83

$140-200 174 821 4.72

$200-400 120 874 7.29

$400+ 17 210 12.35

Wichita economic and real estate update:

Wayne "SHORTY" Short (RE/MAX Realty Professionals) — Fri, 05 Dec 2008 17:14:51 -0600

Wichita economic and real estate update:

Kansas is in the lead to get the new U.S. Bio-defense lab. It would be located in Junction City, KS-about 2 ½ hours NE of Wichita.

The $563 Million federal bio-defense lab is also wanted by Texas, Georgia, North Carolina and other states.

Should Kansas be chosen the construction of the lab would bring 1,600 temporary jobs with a payroll of $183 million to the state.

Wichita home prices continue to hold their own in a report just released by the U.S. Office of Federal Housing Enterprise Oversight. Wichita's prices grew by .8% from the third quarter of 2007 to the third quarter of 2008. Third quarter prices were 2.2 percent lower in the third quarter than in the second quarter of 2008 but show a gain for the year. There is 15% fewer listing on the market than a year ago with average days on the market at slightly more than 2 months.

Kansas banks, Credit Unions and Savings and Loans are all showing strong 3^rd quarter results. All credit union's net worth climbed 5.7% compared to the 3^rd quarter of 2007. Three Wichita area banks/savings and loans have declined funds from the federal bailout