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.