March, 2011 Economic and Real Estate
Activity for the Wichita, KS Metro Area.
Existing home sales/closings increased 22% between January and February, 2011.
February’s Numbers were still 6.3% below 2010’s levels.
YTD sales were down 9.1% from 2010, 15% from 2009 levels and 41% below 2008 sales levels.
Existing home inventories were up 1.6% February over January, 2011 and up 9.3% over 2010’s levels. New home inventory was down 21% from 2010 levels. YTD inventory levels for existing homes were up 11% for 2011 over 2010, 17% over 2009 levels and 19% over 2008 levels.
Existing home inventories were 10 months and there were 15+ months of new home inventories based on February, 2011 sales levels. A 5-6 month supply of homes is considered normal.
The median sales price of existing homes sold in 20100 was $109,672 and it was $216.875 for new homes.
Economic news: Net jets just placed a jet order with Bombardier, Inc. for up to 120 jets valued at $6.7 Billion dollars. Bombardier owns Lear Jet in Wichita, KS.
30-year Interest rates for owners of single family homes continues to hover around 4.875%.
Nationally, New home starts fell 22% in February from a revised 618,000 units in January.
In the last quarter of 2010 Property values dropped $260 billion but that number was dwarfed by the $2.3 trillion surge I the value of financial assets that resulted from Strong stock market gains.
Past due Mortgages in all in all areas fell in the last quarter to 8.22% in the 4th quarter of 2010. 3.25% are only one payment behind. Even with this 25% of all sales in 2010 were for distressed properties with 50% of all buyer being 1st time buyers as reported by the MBA.
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