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Wichita, KS real estate update, September, 2010

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

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 right 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 linked to the national economy.

•8.       You will eventually pay the home off and its 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.

 

 

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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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