November, 2009 Real Estate Report
For the
Wichita, KS Metro Area
Existing home sales decreased 4.8% from October, 2009 but were up 40% from a year ago because November was the original month that the $8,000 1st Time Buyer’s Credit was suppose to have expired. The Tax Credit has since been extended to April 30, 2010 plus a $6,500 Tax credit for existing homes owners who have owned their principal residence more than 5 years.
The Average sales price has remained relatively stable in 2009 and is currently $120,721. Average days on the market for the 1st eleven months of 2009 were 64 days at 96.69% of the last listed price. 79% of all existing sales were co-op. There have been 8,081 residential sales in the Wichita metro area. That number is 15% below the same period last year and 28% below 2007’s figures. I January there was 8.7 months of existing home inventory. That number has dropped to 4.6% in November.
The average price of new homes sold in 2009 was $239,481. 991 new homes have been sold in the 1st eleven months of 2009. New home inventories are 25% lower than a year ago.
Absorption rates of various price ranges based on November, 2009 closings:
Up to $139,999 3.88 months of inventory
$140,000 to $199,999 5.14 months of inventory
$200,000 to $299,999 7.72 months of inventory
$300,000 to $499,999 9.39 months of inventory
$500,000 to $999,999 11.11 months of inventory
$1,000,000 and up there are 28 homes on the market and NO Closings for November, 2009
The National unemployment rate appears to have topped out in October and should start a very slow slide back to single digits.
The Kansas State unemployment rate dropped to 6.2% in November, 2009. The Wichita, KS rate was in the upper 7% range but may climb a little higher before stabilizing with the recent spat of business jet cancellation of orders for Beechcraft and LearJet.
For the
Wichita, KS Metro Area
Existing home sales decreased 4.8% from October, 2009 but were up 40% from a year ago because November was the original month that the $8,000 1st Time Buyer’s Credit was suppose to have expired. The Tax Credit has since been extended to April 30, 2010 plus a $6,500 Tax credit for existing homes owners who have owned their principal residence more than 5 years.
The Average sales price has remained relatively stable in 2009 and is currently $120,721. Average days on the market for the 1st eleven months of 2009 were 64 days at 96.69% of the last listed price. 79% of all existing sales were co-op. There have been 8,081 residential sales in the Wichita metro area. That number is 15% below the same period last year and 28% below 2007’s figures. I January there was 8.7 months of existing home inventory. That number has dropped to 4.6% in November.
The average price of new homes sold in 2009 was $239,481. 991 new homes have been sold in the 1st eleven months of 2009. New home inventories are 25% lower than a year ago.
Absorption rates of various price ranges based on November, 2009 closings:
Up to $139,999 3.88 months of inventory
$140,000 to $199,999 5.14 months of inventory
$200,000 to $299,999 7.72 months of inventory
$300,000 to $499,999 9.39 months of inventory
$500,000 to $999,999 11.11 months of inventory
$1,000,000 and up there are 28 homes on the market and NO Closings for November, 2009
The National unemployment rate appears to have topped out in October and should start a very slow slide back to single digits.
The Kansas State unemployment rate dropped to 6.2% in November, 2009. The Wichita, KS rate was in the upper 7% range but may climb a little higher before stabilizing with the recent spat of business jet cancellation of orders for Beechcraft and LearJet.
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