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.