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 1^st 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.