Wichita, KS real estate report for April, 2011
The South Central Kansas MLS reported just data for the 1st quarter of 2011. Existing sales increased 46% from February of 2011 but were 7% behind last year’s #’s. The average sales price Year to date for existing sales was $112,243. Existing homes closings for the 1st quarter of 2011 were down 12% from a year ago and 38% below 2008 levels.
New home sales increased 17.9% over February and were 11.9% higher than a year ago. The year to date average sales price of new homes was $264,278 for the 1st quarter of 2011.
Existing home inventory rose 3.6% from one month ago and 5% from one year ago. YTD the total homes on the market are 5% over the 1st quarter of 2010 and 21% from 2008. The total # of new listings added to the market YTD over last year is actually down 16%. This along with increased sales should continue to shore up prices in the metro area.
New home inventory YTD is 20% below last year and about 50% below 2008 levels. Builders are not being allowed many specs by the banks and are continuing to wait on orders before building new properties.
YTD the average days on the market for existing homes was 106 days. Average sales price to list price was 95.82% of last asking price. This Number does not take into consideration any other seller concessions.
Months of Inventory is determined by dividing the number of homes on the market by the sales last month. A “Balanced Market” is considered to be 4-6 months. Months of inventory fell to 7.1 months in March compared to 10 months last month. New home inventory dropped to 12.5 month compared to 15.7 months in February, 2011. This number could dramatically drop with any serious increase in new home buyer activity.
West Wichita has 530 homes for sale and a 7.7 month supply based on sales in the 1st quarter of 2011. #’s for the individual zones are: SW Wichita, 265 sales and a 6.1 month supply, NW Wichita at 337 homes for sale and 6.5 months of homes, NE Wichita with 776 homes for sale and a 8.3 month supply, SE Wichita with 610 homes and a 8.7 month supply, Derby, KS with 203 homes for sale and a 6.9 month supply and finally, Andover with 153 homes on the market and a 5.2 month supply.
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