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Wichita, KS metro update

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

Wichita is a top SALAD City

Hold the steak. A study by the world's largest producer of fresh salad suggests that Wichita residents may actually prefer salad.

The internal study, conducted by Dole Fresh Vegetables, ranked Wichita among the top salad markets in the United States. This means that local residents eat more salad per person than their counterparts in other U.S. cities, have the potential to eat more salad and/or are more likely to try new salad blends, experiment with salad and salad ingredients in the kitchen or serve salad as a meal.

Dole Fresh Vegetables is a subsidiary of Dole Food Company, Inc., the world's largest producer of fresh fruits and vegetables. The exhaustive, 18-month research effort, part of the company's re-launch of its reinvented DOLE Salads line, surveyed the in-store buying habits and in-home consumption trends of prepackaged salad consumers throughout the United States and Canada.

"Despite its reputation for meat and potatoes, Wichita is among the most sophisticated salad markets in the country and home to an increasing number of salad lovers," explained Russell Evans, senior brand manager for Dole Fresh Vegetables.

"Our research found that salad consumers here are much more likely to use salad as a meal or as the basis for creative new lunch and dinner entrees. From a salad standpoint, Wichita is a trendsetter."

Reported by the Wichita Eagle and local news stations

Boeing Wins Appeal on Tanker Repairs

A federal court has reversed a ruling that overturned Boeing Co.'s (NYSE: BA) $1.1 billion contract for maintenance of an Air Force refueling tanker jet.

Boeing is the Chicago-based parent company of Boeing Integrated Defense Systems, which has a facility in Wichita that employs 2,700 workers.

The U.S. Court of Appeals for the Federal Circuit's ruling Tuesday overturns a 2008 decision by the U.S. Court of Federal Claims and reinstates Chicago-based Boeing's 10-year contract for work on the 50-year-old fleet of KC-135 tankers. Competitor Alabama Aircraft Industries Inc. of Birmingham, Ala., had filed suit, alleging the contract was not properly awarded to Boeing and citing issues involving pricing and past performance.

The federal appeals court addressed the issue of the age of the KC-135 planes, which were originally built in Renton more than 50 years ago. The trial court had said the Air Force should have explicitly addressed the age issue of the planes in its request for proposals, but the federal appeals court disagreed.

"There can be little doubt that, since those aircraft first went into service decades ago, both the Air Force and the potential bidders were aware that the KC-135 tanker fleet was aging," according to the federal court decision.

Boeing was awarded the maintenance contract in September 2007, and the aerospace giant has been awarded similar contracts for nearly a decade.

McConnell Air Force Base in Wichita is home to 48 KC-135 tankers of the 22nd Air Refueling Wing.

Article from the Wichita Business Journal

 

Wichita posts increase in home sales.


For the first time in more than two years, Wichita saw an increase in home sales during October.  They were also 10% higher than September of this year.

Sales were up 2 percent over the same month a year ago.

According to data from the Wichita Area Association of Realtors, 840 homes sold during the month, up from 822 during October 2008. It's the first time since August 2007 that home sales in the metro posted a year-to-year increase.

Existing home sales increased to 746, from 708 a year ago. Ninety-four new homes sold, down from 114 a year ago.  YTD sales are down 18% and 30% from two years ago.  The # of active listings were up 3% from one year ago but have remained stable.  Homes below $140,000 are the ones selling with less than 2 months of inventory.  Homes between $200,000 and $500,000 average 10 months of inventory. Homes over $1,000,000 average over 2 ½ years of Inventory.

Local real estate executives and agents have said the market has been helped by the first-time homebuyer tax credit, an $8,000 incentive that has sparked sales in the lower price ranges.

The credit was slated to end in Dec. 1, sparking a push to get home sales done by the deadline. But the credit has been extended and now applies to a broader group of buyers including existing home owners who have owned their present residence more than five years.

 

 

Wichita Jobless rate drops

 

The Wichita jobless rate dropped to 7.9% in October according to the Kansas Department of labor.  The jobless rate in Wichita hit 10% in July, the highest rate in ten years.  The jobless rate in Kansas was 6.4% compared to 10.2% in the U.S.

 

There were 1,400 more Wichitan's working compared to September and the number of unemployed dropped by around 2,100 workers.  Two years ago the unemployment rate was 3.6% and one year ago it was 6%.

 

 

 

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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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