January through July, 2008
Wichita MLS Statistics.
July closings were down from the same period in 2007 but not as bad as May and June. YTD stats showed a 14.2% decrease in the number of residential closings. July showed a 11.3% decrease from last year to 986 units. New residential listings were down 12.4% YTD which has continued to keep the market balanced and July's new listings were down 13.3% from a year ago.
The total number of re-sale properties were 3,463 which was 1.5% less than a year ago. Active new homes on the market were 720, a reduction of 11.7% from a year ago. It appears the local builders are building less Spec. units and waiting on customs or build-to-suit orders.
The average price of an existing home closed in July was $138,629 and YTD was $123,724. Almost 74% of all existing homes sold in July were co-op's with a different real estate company. The average price of a New home in the Wichita MLS for the 1st 7 months of 2008 was $235,258, double the price of an existing home.
Inventory levels in various price ranges are holding solid. There is 4 months of inventory under $120,000, 3.8 months $120,000 to $180,000, 4.8 months in the $180,000 to $300,000 price range, 4.7 months $300,000 to $500,000 and 9.1 months of inventory above $500,000. Only 14 homes or 1.4% of all existing sales in the Wichita MLS were above $500,000.
The two top zones for YTD, existing sales in the Wichita MLS were NE Wichita with 850 sales at an average price of $183,221 and Far West Wichita with 741 sales at an average price of $163,745. The lowest priced homes in Wichita were in SW Wichita averaging $71,456.
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