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Wichita real estate update, 1st quarter, 2009

By
Real Estate Agent with The Wichita Home Team with KW Signature Partners

Real Estate market update

For

1st Quarter, 2009

  

Kansas ranked #36 out of the 50 states in lowest foreclosure rates for 2008 at 0.51%.

 

Wichita ranked #92 out of the top 100 markets in lowest foreclosure rates at 0.67%

 

Average sales prices for the Wichita MLS have increased each of the last two years.  Only 31 of the top 162 metro markets had an increase from 2007 to 2008.

 

With just 46 agents in 2008, RE/MAX Realty Professionals was ranked #374 out of the top 600 real estate offices nationally.  The company was also the top company in units sold out of the top 5 companies in total sales for 2008.

 

The average sales price for existing homes for the 1st quarter was $114,115.  Average days on the market (last listing) were 71 days at 96.08% of final list price.

 

77% of all real estate sales in the metro area were co-op sales.  (listing and seller agent work at different companies)

 

The average sales price of new homes for the 1st quarter of 2009 was $249,797.

 

In March of 2009, the number of closed transactions was 32.5 % lower than a year before.  For the 1st quarter the reduction was 32%.

 

Sales are down 43% from three years ago, the busiest year of sales in Wichita. Total listings on the market are about the same as a year ago.  New home inventories are down 6%.

 

Absorption rates for different price ranges:

$0 to $119,999 is 4.5 months, a very good number.

$120,000 to 179,900 is 6.4 months

$180,000 to $249,999 is 12.75 months.  Anything over 4-6 months becomes a buyer's market.

$250,000 $399,999 is 14.5 months

$400,000 to $749,999 is 17 months.  Only 11 homes out of 189 sold in this price range in March, 2009.

 

Posted by

 

July, 2015 Mid-year Real Estate Report

 

For the United States, NE Oklahoma and the Grand Lake area.

 

 

 

Nationally, June Home sales were the highest of any month since the RE/MAX National Housing report began in 2008.  In the last 5 month each month’s sales were higher than the proceeding moth and the same month one year ago. The median sales price of homes sold in June was $224,671, 7% above a year ago.  Nationally, supply still lags demand with only a 3.6 month supply of housing.  A 6 month supply is a balanced market.

 

 

 

Nationally, April, May and June saw an increase in inventory but June’s inventory was still 11.8% below a year ago.  For example the DFW area reported only a 1.8 month’s supply of homes. Grand Lake’s supply of housing was almost 14 months.

 

Nationally The average home lost $13,067 of equity value in the last 9 years but over the last 3 years the value of a home went up $45,533 and that equity loss should be wiped out in another two years.  The Tulsa area was not hit nearly as bad.  The last 3 years equity gain was only $21,100 but the 9 year position was a $19,400 value increase over 2006.  The Grand Lake area is still behind values 9 years ago but values are slowly rising.  The only negative to a faster recovery will be the dramatic decrease in oil prices and increase in job losses in the oil industry and how that impacts buyers from the OKC, Tulsa and Wichita, KS area.

 

Grand Lake real estate sales

 

2015 sales started slow but are beginning to accelerate. There were 426 residential sales in the 1st 6 months of 2015, a 2.9% increase but Junes increase over June, 2014 was 40.8% or 100 sales compared to 71.

 

Pending sales at the end of June, 2015 were up 13.4% over June, 2014 and YTD pending sales were up 5%.  During June, 2015 32 homes went under contract priced over $200,000, 34 homes sold between $100,000 and $200,000 and 27 homes were sold under $100,000. 

 

The number of listings available for sale was down 11.4% at the end of June, 2015 compared to a year ago. The greatest need seems to be homes under $100,000 that are stick built so they can qualify for government loans. (USDA, FHA and VA)

 

Homes are selling at 91% of last listed price, the highest level in over a year.  If no new listings entered the market it would take about 13.5 months to sell Grand Lake’s entire inventory.  This number is three times the national average for major metro areas.

 

 

 

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Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Wayne, those are great stats!  Maybe I need to head west.

May 12, 2009 03:51 PM
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