Wichita, KS Sales Figures for May, 2008
Real estate sales for May, 2008 compared to May, 2007 were down 19.8%. YTD sales were down 13.1% for the same period. While that may look bad on the surface, Listings were down 11.3% year-to-date and 17.5% May, 2008 compared to may, 2007 which kept the over all market balanced.
There was some surprising good news in the May, 2008 data. Days on the market (DOM) decreased to 65 days for all prices ranges for existing homes in May. YTD days on the market were only slightly higher at 68. Additional good news was the tight inventories were keeping sales in line with listings and creating a balanced market in most price ranges.
The total number of homes on the market comparing May, 2008 to May, 2007 was virtually unchanged. New home inventories were down 2.5% for the same period.
May’s new home sales, however, were off a sharp 26.2% from a year ago.
Real Estate Activity for May, 2008
Price Range Total sales Total listings Absorption time
Under $99,999 368 1590 4.3 months
$100-159,999 337 1000 3.16 months
$160-249,999 183 869 4.75 months
$250-499,999 65 601 9.25 months
$500,000+ 18 120 6.7 months
Why is Wichita’s market so strong when most other areas are experiencing major decreases in values, long times on the market and decreased total sales?
Wichita never experienced the double digit inflation of the costal areas, lenders & appraisers tended to be slightly more conservative in their lending practices, there is continued job growth in the local metro area, there are many public work projects in progress, increasing energy and grain prices helped the local economy and the local rental costs were higher than buying similar homes.