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April, 2011 update Market update for the Wichita, KS metro area.

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

GraphApril, 2011 update Market update for the Wichita, KS metro area.

Good news for RE/MAX international in 2010.  Like all large real estate companies over the last few years RE/MAX lost or eliminated a number of low and poor producers.  Some were concerned that maybe RE/MAX had lost their leadership role in American and world Real Estate circles.  You need not have worried.  RE/MAX again continues to be the #1 Sales leaders in the U.S and Africa, Canada, The Caribbean, Europe and Latin America.

RE/MAX has been unstoppable in expanding its reach around the world.  Recent successful moves into countries such as Brazil, Columbia, Ecuador, India and Peru illustrates the networks current Global Momentum despite tough economic times.

Asian Markets are the next step for RE/MAX Globally.  RE/MAX aims to introduce the brand to consumers in Asian markets such as China, Hong Kong, Indonesia, Malaysia, Philippines and Thailand.

Associates outside the U.S. and Canada closed 31% more transaction sides in 2010 than they did in 2009.

RE/MAX in the United States had another banner year; again RE/MAX agents sold more U.S. properties than did any other National Franchise.  RE/MAX agents led in total Residential homes sold and transaction sides per agent.  In fact they sold twice as many homes per agent than did other associates.

(see graph)

RE/MAX efficiency was not just at the national level.  In the Wichita, KS metro area RE/MAX again was #1 in transactions per agent of the top seven brands.  RE/MAX Realty Professionals was the #4 office In sales with less than 40 agents.  The top 3 companies averaged over 200 agents.

Efficiency of Wichita metro agents in real estate sales for 2010:

Last year only 24% of all agents sold at least one home a month.  305 agents (18%) did not have a single sale.  701 agents (41% of all agents) had two or less sales FOR THE ENTIRE YEAR.

Only 15% of all agents (252 out of 1690 Metro MLS agents) had 15 sales last year.  This is the minimum amount of sales it takes to remain active and full time in the real estate business.

Kirk and I had almost 70 sales and this rated us In the top 1.5% of all Wichita MLS agents in 2010.

Other economic news

McDonalds plans to hire 50,000 new employees in one day this spring for their more than 14,000 U.S. restaurants.

Google hired 4,550 new people in 2010 and plans another 6,200 in 2011.

Interest rates are expected to remain stable for the entire year and raise no more than ½ %.

Wichita sales in February rose 25 % from the dismal figures I January, 2011.

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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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Team Honeycutt
Allen Tate - Concord, NC

Thanks for sharing your statistics for Wichita, KS.  It is always interesting to compare to our area.

 

Betty

Apr 04, 2011 09:23 AM
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