2008 MLS Stats for the Wichita, KS Metro area

The Wichita, KS metro area survived the 2008 housing meltdown better than most real estate markets.  Home values in the 1^st half were up 3.5% and were relatively flat for the 2^nd half.  The overall market in units sold declined 16% from the previous year which was the 2^nd best year on record for the area.  Volume sold for existing homes declined 13% but was the 2^nd best year on record.  New home sales were 1561 units which was the lowest since 2001.

The market was able to maintain a stable presence because new & existing listing added to the market actually declined 13%.  This stabilized the market.  Average days on the market of existing homes were 63 days and the average sold to list price was 96.74% for the 4 county areas.  The number of existing homes for sale at the end of 2008 was 10% lower than 2007.

Surprisingly the Average sales price of existing homes rose 13% to $133,262.  Median prices rose 5%.  The average new home sold rose 10% in price.  This does not mean all prices rose this amount but that folks were just buying more expensive homes.  The large increase in existing homes had more to do with the elimination of sub-prime loans, larger down payment requirements and credit score levels.

Over 3/4ths of all existing sales were co-op and 2/3rds of new home sales were co-ops.

Absorption rates for existing single family homes at the end of  2008.

There was 4.5 months of inventory for homes under $100,000.

There was 4.7 months of inventory in the $100,000 to $159,999 range

There was 7.8 months of inventory in the $160,000 to $199,999 range.

There was 9.2 months of inventory in the $200,000 to $299,999 range

There was 9.8 months of inventory in the $300,000 to $499,999 range

There was 16 months of inventory in the ½ million plus range.