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Spring, 2010 real estate update for Wichita, KS

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

2010, Real estate update

Real estate closings were up 42% in the April-may time period, primarily due to the federal tax Credit that expired April 30, 2010.  Closings for May and June should be much higher than a year ago since June 30, 2010 is the cut off for closings if you want to qualify for the program.

Contracts written in May were still very solid for the 1st two weeks but faded the last two weeks to about ½ the previous two weeks level. This is usually the trend in May due to the end of school terms, graduation, River Fest, Start of vacations, Memorial Day, State track meets, etc.....

Activity is highest in homes below $150,000.  However, only "pretty" and "well priced" homes are getting offers and selling.

Interest rates are still at historic lows.  Quotes 6-2-10 were 4,75% for FHA and VA loans, 4.875% for 30year conventional loans and 4.25% for 15 year conventional loans.

Remarks from the aircraft community said we have not reached the bottom yet in the business jet market.  That should happen in the next 6-9 month period.  They do not expect hiring levels to be at their past peak for at least 5 years.

National economic news is still solid and getting better.  Historically, Wichita lags the national economy 1-2 years going into and coming out of business downturns.

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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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