January 1, 2008 to October 31, 2008

MLS Statistics

For Wichita, KS metro area MLS

The # of residential sales for October, 2008 was 822 homes.  That is the 3^rd lowest # for the year and 17.3% below October, 2007.

YTD closings of existing homes is 8,768 compared to 10,259 YTD for 2007.  This is a 14.4% drop in closed homes for 2008.

New residential listings declined in October, 2008 to 1,115 units compared to 1,247 in October, 2007.  YTD new listings were 13.2% below the total YTD for 2007.

The total number of existing listings available for sale at the end of October, 2007 was 4.6% less than a year ago.  There were 10.2% less new homes available than 2007.  Unlike other metro areas, listing inventories in the Wichita metro area have actually dropped which has helped the Wichita market actually have a positive increase in average sales price compared to 2007.  Out of the top 100 metro markets in the U.S., Wichita ranked #4 in average value increase for 2008

Average DOM for existing home in 2008 was 64 with an average list to sales price of 97.01%.

West Wichita and SE suburban Sedgwick County had the tightest market.  Zone 100 or West Wichita averaged 49 days on the market and 98.09% list to sales price.  Zone 900 or SE Sedgwick County was 53 DOM and also 98.09% list to sales price. The average price of existing homes in October, 2008 was $123,412 and the average price of new construction was $235,564.

Absorption rates for various price ranges:

Price range     Units sold    Units on the market         Months of inventory

Under $100     340              1411                                 4.15

$100-140        169                647                                 3.83

$140-200        174                 821                                4.72

$200-400        120                 874                                7.29

$400+               17                210                              12.35