Wichita, KS MLS Stats for October, 2008

January 1, 2008 to October 31, 2008
MLS Statistics Komen Race Helpers
For Wichita, KS metro area MLS

The # of residential sales for October, 2008 was 822 homes. That is the 3rd lowest # for the year and 17.3% below October, 2007.

YTD closings of existing homes is 8,768 compared to 10,259 YTD for 2007. This is a 14.4% drop in closed homes for 2008.

New residential listings declined in October, 2008 to 1,115 units compared to 1,247 in October, 2007. YTD new listings were 13.2% below the total YTD for 2007.

The total number of existing listings available for sale at the end of October, 2007 was 4.6% less than a year ago. There were 10.2% less new homes available than 2007. Unlike other metro areas, listing inventories in the Wichita metro area have actually dropped which has helped the Wichita market actually have a positive increase in average sales price compared to 2007. Out of the top 100 metro markets in the U.S., Wichita ranked #4 in average value increase for 2008

Average DOM for existing home in 2008 was 64 with an average list to sales price of 97.01%.

West Wichita and SE suburban Sedgwick County had the tightest market. Zone 100 or West Wichita averaged 49 days on the market and 98.09% list to sales price. Zone 900 or SE Sedgwick County was 53 DOM and also 98.09% list to sales price. The average price of existing homes in October, 2008 was $123,412 and the average price of new construction was $235,564.

Absorption rates for various price ranges:

Price range Units sold Units on the market Months of inventory
Under $100 340 1411 4.15
$100-140 169 647 3.83
$140-200 174 821 4.72
$200-400 120 874 7.29

$400+ 17 210 12.35

Wichita economic and real estate update:

Kansas is in the lead to get the new U.S. Bio-defense lab. It would be located in Junction City, KS-about 2 ½ hours NE of Wichita.
The $563 Million federal bio-defense lab is also wanted by Texas, Georgia, North Carolina and other states.
Should Kansas be chosen the construction of the lab would bring 1,600 temporary jobs with a payroll of $183 million to the state.

Wichita home prices continue to hold their own in a report just released by the U.S. Office of Federal Housing Enterprise Oversight. Wichita's prices grew by .8% from the third quarter of 2007 to the third quarter of 2008. Third quarter prices were 2.2 percent lower in the third quarter than in the second quarter of 2008 but show a gain for the year. There is 15% fewer listing on the market than a year ago with average days on the market at slightly more than 2 months.

Kansas banks, Credit Unions and Savings and Loans are all showing strong 3rd quarter results. All credit union's net worth climbed 5.7% compared to the 3rd quarter of 2007. Three Wichita area banks/savings and loans have declined funds from the federal bailout