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Wichita, Kansas Economic update

By
Real Estate Agent with The Wichita Home Team with KW Signature Partners

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 14th 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.

 

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July, 2015 Mid-year Real Estate Report

 

For the United States, NE Oklahoma and the Grand Lake area.

 

 

 

Nationally, June Home sales were the highest of any month since the RE/MAX National Housing report began in 2008.  In the last 5 month each month’s sales were higher than the proceeding moth and the same month one year ago. The median sales price of homes sold in June was $224,671, 7% above a year ago.  Nationally, supply still lags demand with only a 3.6 month supply of housing.  A 6 month supply is a balanced market.

 

 

 

Nationally, April, May and June saw an increase in inventory but June’s inventory was still 11.8% below a year ago.  For example the DFW area reported only a 1.8 month’s supply of homes. Grand Lake’s supply of housing was almost 14 months.

 

Nationally The average home lost $13,067 of equity value in the last 9 years but over the last 3 years the value of a home went up $45,533 and that equity loss should be wiped out in another two years.  The Tulsa area was not hit nearly as bad.  The last 3 years equity gain was only $21,100 but the 9 year position was a $19,400 value increase over 2006.  The Grand Lake area is still behind values 9 years ago but values are slowly rising.  The only negative to a faster recovery will be the dramatic decrease in oil prices and increase in job losses in the oil industry and how that impacts buyers from the OKC, Tulsa and Wichita, KS area.

 

Grand Lake real estate sales

 

2015 sales started slow but are beginning to accelerate. There were 426 residential sales in the 1st 6 months of 2015, a 2.9% increase but Junes increase over June, 2014 was 40.8% or 100 sales compared to 71.

 

Pending sales at the end of June, 2015 were up 13.4% over June, 2014 and YTD pending sales were up 5%.  During June, 2015 32 homes went under contract priced over $200,000, 34 homes sold between $100,000 and $200,000 and 27 homes were sold under $100,000. 

 

The number of listings available for sale was down 11.4% at the end of June, 2015 compared to a year ago. The greatest need seems to be homes under $100,000 that are stick built so they can qualify for government loans. (USDA, FHA and VA)

 

Homes are selling at 91% of last listed price, the highest level in over a year.  If no new listings entered the market it would take about 13.5 months to sell Grand Lake’s entire inventory.  This number is three times the national average for major metro areas.

 

 

 

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