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| Total Sales in All Zone |
TOTAL YEAR-OVER-YEAR SALES (new & existing): In November, year-over-year (Y/Y) sales of Wichita-area single-family homes fell by 38.0%, dropping from 907 sales in November 2007 to 562 sales last month.
NEW HOME SALES: Sales of new single-family homes in the Wichita-area market fell to 92 from 159 in November 2007, which represents a 42.1% Y/Y decline. Year to date, sales are down 13.5% over the same period in 2007.
EXISTING HOME SALES: November sales of existing single-family homes in the Wichita-area market decreased by 37.2%, dropping from 748 sales in November 2007 to 470 sales last month. Year to date, sales are down 16.7% over the same period in 2007.
MEDIAN DOM (existing homes): In November, the median Days on Market (DOM) of existing homes decreased slightly to 41 days from the 43.5 days reported in October. On a Y/Y basis, median DOM is up 2.5% over the 40 days posted in November 2007.
MEDIAN SALE PRICE (existing homes): For November, the median sale price of existing homes fell slightly to $100,750 from the $105,000 that was posted in October. |
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| WSU Home Price Index |
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Sedgwick County home prices appreciated by 3.34% between the second quarters of 2007 and 2008. For the quarter, home prices appreciated by 1.60%, which translates into an annualized increase of 6.57%.
Overall, home prices in Sedgwick County have risen at an average annual rate of 3.10%, during the past five years. In contrast, prices of other goods and services have risen by 3.55% per year, over the same time frame.
COMMENTARY: Wichita area home prices rebounded solidly in the 2nd quarter of this year. Although there is still some weakness in the lower end of the market, tight inventories are resulting in upward pricing pressure in the middle and upper price ranges. |
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Wayne "SHORTY" Short
Wichita,
KS
More about me…
RE/MAX Realty Professionals
Address: 10100 W. Maple, Wichita, KS, 67209
Office Phone: (316) 722-0001 x 112
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