Real Estate Report February, 2011
For the
Wichita, KS Metro Area
Existing home sales/closings dropped 41.5% between December, 2010 and January, 2011 according to the South central Kansas MLS.
The median sales price for that period also decreased 16.1% and YTD decreased 12.1% based on closed transactions. This does not mean that home values dropped, it means that more less expensive homes sold. The good news was contracts written in January increased and for RE/MAX Realty Professionals that increase was 25%.
New home sales also decreased during this period (closed Sales) by 43.6 % but new contracts written were at a 4 month high.
Existing home inventories have remained stable with 3,755 homes in inventory. New homes in inventory decreased slightly to 458 units.
Based on the slow amount of contracts written in the last two months of 2010 and closings in January, 2011 months of Inventory increased dramatically to 12 months for existing and 14.8 months for new homes.
During January, 2011 there were only 344 reported sales from 1679 MLS agents (the average MLS agent did 1/5th of a sale.. Our 33 agents did 41 of these closings (our average agent did 5 times that amount of business). 1,118 new listing were added to the market compared to 1,227 a year ago. Total existing homes on the market were 3,755 compared to 3,388 one year ago, an 11% increase in homes for sale.
Average days on the market for January, 2011 closings were 73, avg. list to sales price was 95.78%. Avg. sales price of existing homes was $119,320 and new homes were $251,836.
The Federal Reserve released data from their most recent meeting. They expect the GNP to grow more than last reported to 3.4% to 3.9% in 2011. They expect the jobless rate to decline from 8.8% to 9%. They are still worried a bit about the continued weakness in the national Housing market.
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