May, 2010 MLS Sales Statistics for the
South Central Kansas area including
The Wichita, KS metro area
Home sales in May increased 5.7% over April 2010 closings, nationally they decreased 2.2%. Closings in May 2010 were still up 23% compared to May 2009. Average values of existing homes sold were up 2% over a year ago. This was expected with the end of the federal tax credit April 30, 2010 and closings needed to take place over the next two months. New contracts written since April 30th, 2010 and property showings are showing a downward trend (as much as 50%) and this will be indicated in July-thru September closings. YTD, closings are up 13% over 2009 for existing residential homes. 2009 sales were the lowest since 2005.
There are 4.6 months of existing home inventory, a number trending to a seller's market. There have been 6,508 homes listed in 2010 compared to 5,875 listed in the same time period in 2009, a 11% increase.
Builders have done a better job in controlling inventory. New Home inventory is down 34% from a year ago.
YTD it is taking on average 79 days to sell an existing home at 96.57% of listed value. This data is for the last listing of a property at the last listed price. The average sales price of an existing home in 2010 is $123,330. The average price of a new home sold was $230,898.
2010 will be known as the year of two selling seasons. The 1st ½ with good sales fueled by the Federal Tax credit and the 2nd ½ known more for a selling season no better than 2009.
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