All Real Estate is Local!
Thank goodness I sell real estate in the Wichita, KS metro area.
While real estate values are down 5% -10%-15% in other markets, the
Stable Wichita market showed a 5.7% gain from Nov., 2006 to Nov., 2007.
Wichita's real estate market after 7 years of increased units sold finally slowed down a little bit in 2007 (-3.2%). 2007 was still the 3rd best real estate market we have ever had.
Wichita, unlike other cities, had a decrease in new residential listings in 2007 (6.2%). This kept our prices from falling. Total homes left on the market at the end of 2007 was basically the same as 2006 and lower than 2004 and 2005. Available new home inventories were up slightly last year but only by 7 homes.
The average sales price for an existing home in 2007 was $117,766. Average days on the market were 62 and the average list to sales price was 97.13%. The average price of a new home was $211,628 and 1820 were closed in 2007.
The real estate market has grown quite a bit since 2000. That year 1,426 new homes sold along with 7,358 existing homes. This year 1,820 new homes sold along with 10,098 existing homes.
What does all of this mean for you? 2008 will be a good year for real estate in the Wichita, KS metro area.
Why? Unemployment rates are low. Interest rates are low. Hiring needs are high. Rental vacancies are low and rental costs are high. Average sales prices are low.
Thinking about buying a new home this year? Give Kirk Short a call at 316-554-2925. We can help.
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