Real Estate report for January, 2011
Wichita, KS metro area.
Data supplied below provided by the South Central Kansas MLS:
The median sales price of existing homes in November increased 3.8% compared to October but deceased 1.3% on a year over year basis.
While existing home inventory dropped 5.5% last month, it is up 18.7% from a year ago. New home inventory is down 19.7% from a year ago.
Months of inventory still indicates a buyer's market. A balanced market shows inventory at a 3-5 month level and last month's level was 7.8 months. This was a slight drop from the previous month.
Existing home sales were 7,190 for the 1st eleven months of 2010. This is 11% below 2009 levels, 23% below 2008 levels and 36% below 2007 levels (our all-time high in sales).The average sales price of existing homes sold in November, 2010 was $124,718. This is about $2,000 higher than YTD stats. Days on the Market (DOM) were 82 for 2010 sold properties.
New homes prices averaged $229,679 for the 1st eleven months of 2010.
Foreclosure homes added to the market in 2010 were about 50% of the volume added in 2009. The same amount is expected in 2011.
Interest rates have risen about 1% over the last two months. Average 30 year fixed rate loans are at 5% and 15 year loans are at 4.25%
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