Wichita MLS and real estate stats for
January, 2010
January was not the kindest month to sellers and Realtors in the Wichita Metro area for January, 2010.
Sales were down 37% from the previous month, down 19% from Januay-2009, down 42% from January-2008 and down 48% from January-2007, one of our best years ever.
Total sales for all of 2009 were down 14% from 2008 and down 28% from 2007 after all of last year’s data was finally recorded. Fortunately there are only 9% more listings on the market but with the slowdown in January sales the avg. monthly absorption rate for all homes in all price ranges has gone to 11 months of inventory compared to the normal 5-6 months we experienced in 2009. This large amount of months of inventory on the market should decrease a bit once we get the sales numbers for March. It appears that pending sales in the latter part of February and March will be quite a bit higher than January’s sales.
The average sales price for all existing homes in January was a little over $119,000. The new homes average was $251,836.
Absorption rates for selected price ranges based on January’s sales figures:
Price range Months of Inventory
$50,000 to $59,999 10 months
$70,000 to $79,999 14 months
$100,000 to $109,999 6 months
$140,000 to $159,999 10 months
$250,000 to $299,999 19 months
$400,000 and up 2.5 years of inventory
The unemployment rate for the Wichita market was 8.2% compared to a national rate of 9.7%. We do not expect to see any serious changes to hiring in the metro area till 2011.
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