Wichita, KS Real Estate Information

Wichita, KS economic and real estate update. December, 2011

2011-12-15T14:30:00.000-08:00

Wichita, KS economic and real estate report for December, 2011

The last month and especially last week was good economic news for Wichita, KS.
The unemployment rate in November, 2011 dropped to 8.6% nationally and dropped to 7.2% for the Wichita metro area and 6.7% for Kansas. Jobless claims the middle of December, 2011 dropped to 366,000. A sustained rate of 375,000 or below shows a economic recovery in place.

Last week the average 30 year, fixed rate mortgage dropped to 3.94% matching the all time low in October, 2011.

Employment in the aircraft sector should increase significantly in early 2012, Spirit Aerospace who builds parts for every Boeing built aircraft and builds the entire fuselage-nose-tail cone of the B737 aircraft has received three record orders over the last month, 3each one breaking the record of the order before.

Emirates Airlines ordered 50 B777 aircraft November, 14; Indonesia Airlines ordered 230 Boeing planes November 18. Many of these planes were the B737 model and December 14 Southwest Airlines ordered 208 B737 aircraft plus FedEx ordered 27 new B737 freighter aircraft. Spirit Aerospace, who is now working at almost full capacity, will have to hire many workers to help Boeing Seattle keep up with this increased demand. Look for a hiring announcement after the 1st of the year. That’s my guess!

The South Central Kansas MLS releases November, 2011 area home sales figures.

Existing home sales decreased 3.6% between October and November, 2011 according to the latest figures, but increased 2.6% on a year over year basis. The median sales price of homes sold in November decreased 2.1% compared to October and decreased 4.4% on a year over year basis. This does not mean that any one particular home decreased or increased from last year.

Existing home inventory this month decreased to 3,607 homes in inventory compared to 3,911 last month. The existing home inventory this month is 6.4% lower than a year ago when it was 3,854 units.

Months of inventory for existing homes was 7.2 months in November. A balanced market is a 3-5 month supply of homes.

Again in October, 29% of all sales were cash. 36% were conventional loans and about 20% were FHA loans.

Inventories of New homes continue to drop as builders are not replacing sold inventory and banks are reluctant to loan on spec homes. YTD inventory is down 30% and down 58% from the end of 2008.

The average price of existing homes YTD for 2011 is $124,800. The average price of new homes increased to $255, 405.

A total of 6,839 new and existing homes have sold in the 1st 11 months of 2011 with a total of 11,753 homes being listed for sale. Average list to sales price was 95.86% with the highest list to sale price in the city being the far west side at 97.01%. The highest list to sale in Sedgwick County was the SE area including Derby.

Why Wichita will be the place to be.......

2011-11-07T08:36:00.000-08:00

Why Wichita?

Friday, November 4th, 2011 I attended a seminar put on by the Wichita Area Association of Realtors. The Professionals Development committee invited several people “in the know” about Wichita and its future to address Realtors about the future of the Area.

Speakers were:
Lavonta Williams, Vice Mayor of Wichita, KS
Pat George, Kansas Secretary of Commerce
John Rolde, CEO of Go Wichita and Visitors Bureau
Susie Ahlstrand, Interim President, Great Wichita Economic Development Coalition
Jack Pelton, Retired Chairman, President and CEO Cessna
Ron Whiting, Wichita Business Coalition on Health Care
Jeff Fluhr, Wichita Downtown Development Corporation.

Below are high points on what is happening in the Wichita Metro area and why the tough economic times should be behind us and 2012 will be a much better year.
Downtown Wichita: 6 floors of the Petroleum building were just bought by a local investment group.

A full block of downtown Wichita is getting redeveloped. The Kansas health Foundation is building a $7-$9 million meeting venue next to its headquarters on East Douglas. In addition, plans for the block include a urban park, parking garage and the new Ambassador Hotel.

Other downtown projects just completed or now in progress or the planning stage include the $25 million Drury Hotel just completed, Cargill’s Innovation Center, 2 new projects on St. Francis, purchase of the 100 S. Market and the The Board of Trade Building. The new Airport Terminal starts in 2012.

There are projected to be around 4,000 new jobs created in the Wichita area in 2012.

Pat George, Kansas Secretary of Commerce said that business’s (local and overseas) are starting to recognize that Kansas workers are team Players and have a high work ethic.

One of the largest wind farms in the world has just been announced to be built West of Kingman and out to Greensburg, KS. The Project is expected to cost at least $700 million and does not include the millions needed to move addition transmission lines to the area.

Did you know that the Kansas cost of living index is 9% below the U.S. Average?

Jack Pelton, Former President of Cessna Aircraft probably had the best news for Realtors looking for more business. He said the increase in orders for Boeing aircraft will have Spirit gearing up to build planes at historic rates. Boeing just announced a new engine for the B737 and they have received almost 600 orders. That production line may double in the number of planes built every month. Production lines for the B787 and the B747X are also expected to increase. Spirit Aerospace is already working at pretty much full capacity and will have to do major hiring to satisfy Boeing's requirements.

Mr. Pelton said many of the Wichita area suppliers have gotten increased business from other sources and the Aircraft business will max them out and require substantial additional hiring. In addition to Spirit, Cessna has announced two new jets and the local business jet market should start improving in 2012 and 2013. Continuing the good aircraft related news is the new U.S. Tanker to be built in Seattle but converted to the Tanker mode in Wichita at Boeing Military starting in 2014. Hiring for this should start in 2013.

October, 2011 Housing report, Wichita, KS

2011-10-15T08:59:00.000-07:00

Wichita, KS home Sales and Market Update for
October, 2011

October, 14, 2011 Stan Longhofer, the director of the WSU Center for Real Estate held a industry meeting to discuss the Wichita area Housing market. His observations were:

1: This is the time to buy given the historically low interest rates plus pricing and supply of homes in the Wichita metro area.

2: Dan Jones with Capital Federal said we will see no better time in our lifetime to own and finance a new home

3: Wichita housing market has been showing a slow but growing number of sales over the last few months.

4: The housing forecast shows 2011 sales will end up down by 1.8% but 2012 sales should rise 8.8% in Kansas. Wichita sales are projected to rise 10% in 2012.

5: New home sales will see increases in sales in 2013. Longhofer says there is a lot of pent up demand and those who don’t act in the next year will be kicking themselves for not doing it.

The full report and power point can be found by going to www.kake.com

Rose hill has announced a home buyer incentive plan.

The plan is a 5-year tax incentive for new home construction and a 10 year grant program for the purchase of existing and spec homes. New home buyers will get a 95% tax abatement for 5 years. Both programs are open till Dec. 31, 2012.
This program is similar to one announced Earlier by Maize, KS. That program gives a 100% grant toward property taxes for the 1st 3 years. The grant then reduces in steps to 40% by the tenth year. This program is a grant for new houses in the city limits of Maize, KS.

South Central Kansas MLS September, 2011 Area Home Report

Existing home sales decreased 5.3% between August and September of this year but increased 20.9% over the same period in 2010. The median sales price is 6.3% higher on a year over year basis. Total sales for the year are down 6% from 2010.

Existing home inventory continues to drop and is 6.9% lower than a year ago.
Months of inventory for existing homes were 6 months in September, 2011. This figure is at the edge of a buyer’s to seller’s market and total new listing taken YTD for 2011 are down 11% from the year before and available listing for sale are down 8% from last year at this time..

23% of all sales in September were Cash sales, 38% were Conventional loans and 25% were FHA loans.

The average sales price of existing homes was $125,973 with sellers receiving an average of 96.2% of their last advertised price. Average days to sale for the last listing on these homes were 92 days for the entire metro area. West Wichita averaged 72 days, NE Wichita average 119 days and Butler County averaged 95 days.

New homes closed last month had an average price of $224,750. New home inventories are down 31% from the same time last year.

September, 2011 Real Estate report for Wichita, KS

2011-09-20T08:44:00.000-07:00

Wichita Real estate Market is Stabilizing
September, 2011 Report

The South Central Kansas MLS has released data for 20100 real estate sales thru August, 2011. Existing home sales increased 2.6% between July and August and increased 32.2% on a year over year basis. The median sales price of sold homes was up 8.5% from july and 21.6% from a year ago.

New home sales are still lethargic with only 50 new homes selling in August. With an average price of $227,005, new home sales are down 19.9% from a year ago.
Existing home inventory dropped slightly to 4,056 units in August, 2011. The inventory level is 7.4% lower than it was a year ago.

Months of inventory is starting to enter the area for a balanced market between buyers and sellers. Existing home inventory was 5.8 months and new home inventory was 6.7 months despite the overall low level of spec homes available for sale.

At the end of August, 2011 there were 5,016 residential sales compared to 5,493 a year ago. Total monthly sales in 2011 have exceeded the sales of a year ago the last two months. We expect this trend to continue the rest of the year.
There were only 4,056 existing homes for sale at the end of August, 2011 compared to 4,378 a year ago.

The average price of an existing home sold YTD for 2011 is $125,388. The average home sold for 95.90 % of the last listed price and took 106 days to sell. So far this year, a total of 9,031 homes have been listed for sale with 4,660 closing and 622 under contract. The average price of new homes sold in 2011 is $257,698.
Needing real estate asistance?

Call me at 316-554-2831 or 1-8--779-SOLD. You can visit me at a few of our web sites: www.move2ks.com, www.realtor-shorty.com and www.wichita-homes.com.

Wichita Real estate and Economic news for August, 2011

2011-09-11T11:36:00.000-07:00

Wichita Real estate and Economic news for August, 2011

Existing home sales in the Wichita metro area increased .3% from June 2011 to July 2011 but increased 32.3% on a year over year basis. The median sales price increased 3.6% compared to June and increased 12% on a year over year basis. Total sales for the year still lag 2010 YTD sales 13% because of the Large Tax credit available last year. This should balance out by the end of the year.

Nationally homes sales declined 12.7% in July after rising the previous two months. Home sale were up 13.1% on a year over year basis.

Existing home inventory remained steady June to July, 2011 and was 2% lower than a year ago. New home inventory was 29.3% lower than a year ago. There have been 12% fewer residential homes listed in 2011 that the same time period in 2010

Nationally there was 7.2 months of inventory. Inventories were down 17.1% from June, 2010 and continue a 13 month drop in supply of homes. Locally there was 6.1 months of inventory in the Wichita metro area in July, 2011

Days on the market nationally are down to 88 from a high in March, 2011 of 105 days.
Nationally the Federal Housing Finance Administration is reassessing the government’s refinance programs. Too few borrows have taken advantage of this program to refinance and try to avoid foreclosure.

Consumers had to have a 80 to 125% loan to value ratio to qualify. The government is looking at expanding this ratio because so many home owners are under water. It is estimated that the average family could save at least $2,000 a year if they could refinance with the favorable interest rates now available.
FHFA said they need to review the HARP program and find ways to get more homeowners to participate.

Several new announcements came from the aviation sector that should help Wichita’s job picture in the next few months.

• Boeing’s 747-8 Freighter has received Federal Certification. Boeing has 114 orders for the freighter and 56 orders for the larger passenger version.

• Wichita aviation suppliers are gearing up for the increased production of all Boeing aircraft. This along with the work local companies are doing for the Gulfsteam G650, Bombardiers c Series and Airbus’ A350 should increase hiring at all of these suppliers.

• Boeing has just completed flight testing for the Rolls Royce engines for the B787 Dreamliner. Boeings is still flight testing the B787 with GE Engines.

• Bombardier’s Learjet 85 will be delivered in 2013. The fractional ownership company, Flexjet, has already started its sales program of the new larger jets to their corporate clients. This program will support 600 workers at the Wichita plant.

July, 2011 Housing report for the Wichita, KS metro area.

2011-07-16T08:27:00.000-07:00

July, 2011 Housing report for the Wichita, KS metro area.

Existing home sales increased from May to June, 2011 according to data released by the South Central Kansas MLS. Existing sales decreased 10.8% on a year over year basis. Existing and new sales decreased 22% during this same time period.

Median sales price of existing homes sold increased in June 0.4% over May but were down 3.2% from 2010’s numbers. Only 43 new homes were sold in June but the median home price was 35.1% higher than a year ago.

New and Existing homes YTD were down 22% from 2010, 215 lower than 2009 and 32% lower than 2008 when the massive layoffs started in the Wichita MSA.
Some good news:
Existing home inventory was down .3% from May. Total new listings added to the market YTD were also down 11% from the same time last year.

Slower sales have increased the total number of homes available for sale at the end of June, 2011. There were 4,197 existing homes and 367 new homes available for sale. Existing home inventory is up 2% from 2010, 18% from 2009 and 20% from 2008. New home inventories are down 28% from last year’s levels. It looks like builders/lenders have got the message and are waiting for the market to turn before building more spec. properties. Based on June sales there is 6.1 months of inventory of existing homes. A balanced market is closer to 4-5 months.

New foreclosure filings have dropped over 25% from last year’s levels. This drop may have more to do with the banks reluctance to add any more properties to the ones they must maintain than more owners being current with their loans.

Internet activity on real estate web sites is increasing which may hold well for the coming months. Buyers seem ready to start buying at a healthy pace once they get clearer signals of how the economy and job market will be. For now, they are fence sitting waiting for something to stir them to action.

Other Local economic news…….

Mortgage interest rates continue to be very favorable for home buyers. FHA/VA rates are 4.25% for 30 year fixed rate loans and 3.5% for 15 year fixed rate loans.
Conventional 30 year fixed rate loans are in the 4.625% range and you can get a 5/1 adjustable loan for 3.25%. This is a great program for corporate buyers or others who expect to move up in price range with in a 5-6 year period.

Downtown Wichita got a serious boost when it was announced that three new projects or renovations were going to take place. One group of investors have bought the “hole in the ground” on East Douglas and plan to build a new building. The Dockum Drug Building was bought and there are plans to build a Boutique hotel with 117 rooms. Another group of investors have purchased another downtown Douglas building and plan to convert it to apartments.

The Kansas Lottery commission announced that the Kansas Star Casino being built in Mulvane has already contacted them with early expansion plans. More space is now planned to the proposed gaming floor, hotel and RV Park.

June, 2011, Wichita, KS metro area housing report

2011-06-17T11:31:00.000-07:00

Housing Activity Report for the Wichita, KS Metro area
for the 1st 5 months of 2011.

The South Central Kansas MLS serving the Wichita, KS metro area reported sales data this week for May and the 1st 5 months of 2011.

Existing homes sales only increased one sale (633 units) from April to May of 2011. This, however, was a decrease of over 25% on a year over year basis. We must realize that spring sales in 2010 were heavily affected by the “Up to $8,000” Tax credit offered last year. July sales in 2010 compared to 2011 will give us a much better idea how we are doing once the Tax credit is not a factor.

The average sales price in May was up over April by 10+% but was still 3.6% below last year’s level.

A breakdown of May sales of the 683 units showed that 275 or 40% were below $100,000, 292 or 43% were between $100,000 and $200,000 and only 17% were above $201,000. 25% of the sales were cash, 34% of the sales were conventional loans, 27% were FHA loans and only 6% of the loans were VA backed.

YTD sales for 2011 were below 2009 YTD levels by 7% and a considerable 34% below 2008 YTD sales. The summer of 2008 was when the massive aircraft worker layoffs started in the Wichita area. Over 15,000 workers lost their jobs in the next two years.

New listings added to the market in 2011 are actually 12 % less than 2010 (5,715 new listings compared to 6,506 in 2010). Total listing available for sale at the end of May 2011 was 4,210 properties. This is a 8% increase over 2010 and their 3,889 homes.

New home sales were 50 units higher than April, 2011 but YTD totals wee 17% below 2010 levels and 50% below 2008 levels.

Interest rates at the 2nd week of June were holding steady. 30 year fixed rate loans were in the 4.5% range, FHA/VA loans for 30 years were slightly lower at 4.25%. 15 year fixed rate loans were in 3.5% to 3.625% range. A 5/1 adjustable loan was being quoted at 3,25% (fixed for 5 years). This is a great loan for someone who was only going to be in their home or the Wichita area for les than 5-6 years.

The average price YTD of existing sales was $117,795. A client received, on average, 95.80% of their last asking price. This does not take into consideration on concessions paid by the seller for the buyer’s benefit.

The average price of all new homes sold in 2011 was $255,895.

As always, call “SHORTY” at 316-554-2831 or 800-779-SOLD for up to the minute loan and housing information. You can also email us at shorty@realtor-shorty.com and visit us on the web at www.move2ks.com.

Wichita, KS economic update, June, 2011

2011-06-10T09:18:00.001-07:00

Economic update for June, 2011

Check this graph to see how your State is doing. http://www.bea.gov/newsreleases/regional/gdp_state/2011/gsp0611.htm

Why housing demand will increase:

Housing formations are expected to average about 1.2 million a year. Not all of these families will want to rent so demand to buy will increase over the next 10 years after the low numbers in 2007 through 2009.

Employment is increasing in almost all areas (was lower than expected in may, 2011) and people will be able to afford a new and larger home.

Financing remains plentiful even though credit requirement have increased. VA and FHA loans during the 1st week of June, 2011 were 4.25% for a 30 year fixed rate loan.
Rates for a 15 year FHA r VA loan have been quoted at 3.5% and a 5/1 Arm loan (locked for 5 years) has been quoted at 3.25% on a 30 year term. This is an excellent loan for home owners who are only going to own in their local area for only 3-5 years.

Homes are more affordable. It is cheaper to buy than rent in many US markets.
The long term advantage of buying over renting is still true. Buyers are entering the market because they do not want to miss the bottom of the market.

I believe there will be a dramatic recovery in housing. There has been a historic drop in construction, an increase in household formation, a steep decline in prices, historically low rates rents are increasing and a large availability of mortgage funds.

96% of homeowners say homeownership has been a positive experience. 84% thinks homeownership makes more since than renting and 2 out of three Americans believe the lifestyle benefits of homeownership are superior to any financial benefits. Data provided by a Fannie Mae National Housing Survey released this May, 2011.

Don’t believe everything you read on the Internet: Zillow.com reports values for homes In various markets around the country. For Kansas City the values they report can be off as much as 16.1% according to their web site. This is why you need a Realtor to evaluate what your home is worth. Their data is more up to date and the local Realtors are more attuned to the local market and nuances..

May, 2011, Wichita, KS Real Estate Update

2011-05-28T14:46:00.000-07:00

Home selling report for the nation and the
Wichita, KS metro area.
May, 2011

Home sales for April were nearly unchanged from the high levels seen in March in the RE/MAX National Housing report. Nearly ¼ of the transaction in April were investors, who may believe that prices have bottomed and interest rates will be headed higher. Nationally, Inventory levels continue to fall and home prices were up 2.2% from March (3rd month in a row).

Nationally home prices rose 2.2% in April over March but were still 7.9% below the mark set in April last year.

Wichita-area home sales got the expected spring push in April, up 12.9% from March of this year. Sales were 21.6% down from a year ago according to the Wichita Area Association of Realtors and year to date sales were down 16%. These numbers are down because of the Federal tax credit offered last year for 1st time buyers.

Locally, Stan Longhofer, Director of Wichita State’s Center for real estate, feels the market bottomed out late summer 2010. Sales numbers for the 2nd ½ of 2011 should give us a more realistic idea if the recovery is continued for South central, KS.

New residential listings for 2011 are down 951 units or about 18% from 2010. Existing sales are only down 390 units from last year so the months of inventory has dropped from a high of 10 months to around 7.5 months. This is good but is still a couple of months more than is needed for a balanced market.

New home inventory dropped 19.6% from a year ago and sales increased in April 50 units or 51.5% over April’s numbers. New home prices, nationally, are 30% higher than the median price of re-sales. National sales were up 7.3% in April over March, 2011 numbers.

RE/MAX Network Shines in Annual report.....

2011-05-11T14:08:00.001-07:00

Network Shines on REAL Trends' Per-Agent Lists

A new twist in the annual Real Trends 500 report – released this week – reaffirms the industry-leading productivity of RE/MAX brokerages and Sales Associates.

For the first time, the report ranks the Top 25 brokerages by Transaction Sides Per Agent. And RE/MAX holds 21 of the 25 spots, including all of the top four, nine of the top 10, and 18 of the top 20.

Top 25 Brokerages by Closed Transaction Sides Per Associate: 
1. RE/MAX Leading Edge, Dearborn Heights, MI: 86.4  
2. RE/MAX Acclaim, Roseville, MI: 59.9  
3. RE/MAX Team 2000, Dearborn, MI: 56.0  
4. RE/MAX 100 Riverside, Platinum and Masters, Palm Beach Gardens, FL: 35.8  
5. Coldwell Banker Rick Canup, Realtors, Lubbock, TX: 32.3  
6. RE/MAX Professionals, Lawton, OK: 32.1  
7. RE/MAX Results, Moreno Valley, CA: 31.1  
8. RE/MAX Real Estate Results, Bentonville, AR: 28.8  
9. RE/MAX Classic Farmington Hills, MI: 27.1  
10. RE/MAX Properties, West St. Louis, MO: 27.0
11. Century 21 Clinkenbeard Agency, Fort Gibson, OK: 26.2
12. RE/MAX Suburban, Sterling Heights, MI: 26.1
13. RE/MAX Professionals, Glendale, AZ: 26.0
14. RE/MAX First, Clinton Township, MI: 24.9
15. RE/MAX of Pueblo, Pueblo, CO: 24.5
16. RE/MAX of Rochester, Rochester, MN: 24.5
17. RE/MAX of Stuart, Stuart, FL: 24.4
18. RE/MAX House of Brokers, Springfield, MO: 24.1
19. RE/MAX Professionals, Springfield, IL: 24.0
20. RE/MAX 200 Realty and Town & Country Realty, Winter Park, FL: 23.5
21. Coldwell Banker Jim Stewart, Realtors, Waco, TX: 23.2
22. RE/MAX of Reading, Wyomissing, PA: 23.0
23. RE/MAX of Grand Rapids, Grand Rapids, MI: 22.9
24. RE/MAX Real Estate Group, Des Moines, IA: 22.7
25. Real Living Advanced Realty, Birmingham, AL: 22.7

RE/MAX also captures eight spots in a second new feature – Top 25 in Closed Sales Volume Per Associate. That showing is especially strong given the nature of the list – other than RE/MAX, it's filled primarily with high-end independent or regional firms; only two other national franchise brokerages qualified – one Sotheby's and one Coldwell Banker.

The RE/MAX representatives on the Top 25 Closed Sales Volume Per Associate rankings:
6. RE/MAX of Boulder, Boulder CO: $6,420,623
14. RE/MAX Properties West, St. Louis, MO: $5,139,152
15. RE/MAX The Woodlands & Spring, The Woodlands, TX: $4,925,747
16. RE/MAX of Valencia, Santa Clarita, CA: $4,919,095
17. RE/MAX Results, Moreno Valley, CA: $4,862,439
18. RE/MAX Associates, San Diego, CA: $4,854,905
20. RE/MAX Results, South Jordan, UT: $4,615,341
25. RE/MAX Professionals, Lawton, OK: $4,300,208

Two single-office RE/MAX firms are No. 1 when production is measured by office. RE/MAX of Reading in Wyomissing, PA, (2,756 sides) is one of nine RE/MAX brokerages on the Closed Transaction Sides Per Office list, and RE/MAX of Boulder in Boulder, CO, ($55.8 million) is one of five on the Closed Sales Volume Per Office list.

Among overall Top 500 rankings by transaction sides (the main qualifier for the report), 111 RE/MAX brokerages placed on the list, with the cutoff at 961 sides. Five RE/MAX firms exceeded 7,000 transactions, 33 closed more than 2,000, and 104 offices topped 1,000.

The 7,000-side brokerages:
• RE/MAX Results, Eden Prairie, MN: 10,970 sides
• RE/MAX Alliance, Arvada, CO: 8,880 sides
• RE/MAX Gold, Rancho Cordova, CA: 7,982 sides
• RE/MAX Equity Group, Portland, OR: 7,125 sides
• RE/MAX Allegiance, Fairfax, VA: 7,014 sides

In additional to the 111 brokerages in the Top 500, another 90 RE/MAX firms closed more than 500 sides each, qualifying as "Up and Comers." Wichita's RE/MAX Realty Professionals brokered by Wayne "SHORTY" Short was in this group.

RE/MAX vs. the Industry
Additional information from the Real Trends 500 will be released early next month, and further analysis will reveal other important details about per-agent production. The findings will likely resemble those in the RE/MAX Versus the Industry Report, a nationwide study confirming that RE/MAX led all national franchises in total transaction sides (754,333) and transaction sides per agent (13.1) last year. That per-agent productivity easily surpassed Coldwell Banker (7.1 sides per agent) and ERA (6.3), Prudential (6.2), and more than doubled Century 21 (5.4), Keller Williams (5.1), Sotheby's (3.9) and Better Homes and Gardens (3.5).

RE/MAX Realty Professionals again was the #1 company in wichita of the top producers in units sold per agent according to Wayne Short, Broker/Owner

New Households Mean Greater Demand for Housing

2011-05-09T15:49:00.000-07:00

New Households Mean Greater Demand

Household formation -- one of the primary drivers of any housing market -- is on a major upswing in the U.S., according to an interesting news article posted yesterday by Bloomberg.

The story, "New Households Form at Fastest Rate Since '07 in Resurgent U.S," reports that more and more young people are moving out of their parents' homes and are either buying or renting their own. That's a significant change from the past few years, when household formation dropped to alarmingly low levels.

Experts cited in the article predict that between 750,000 and 1 million new households will be created this year. For comparison, only 357,000 were formed in the 12-month period from March 2009 to March 2010.

The annual average over the past 10 years is about 1.3 million new households, so the recent growth spells a return to a more normal rate. That's important, because new households create demand, especially at lower prices levels, and provide an upward push to the entire market.

As employment comes back and the economy continues to stabilize, we'll see an even greater rate of young people moving out. Why? A 22-year-old from Tennessee sums it up pretty well:

"I love my parents, but I didn't want to live with them anymore." Some things never change.

It's great to see the media noticing some of the more positive signs out there. Another example: "It's Time to Buy Again," a March 28 Fortune magazine article that was featured last month on RE/MAX Mainstreet.

Wichita, KS real estate update, March, 2011

2011-04-18T10:14:00.000-07:00

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.

April, 2011 update Market update for the Wichita, KS metro area.

2011-04-04T13:06:00.000-07:00

April, 2011 update Market update for the Wichita, KS metro area.

Good news for RE/MAX international in 2010. Like all large real estate companies over the last few years RE/MAX lost or eliminated a number of low and poor producers. Some were concerned that maybe RE/MAX had lost their leadership role in American and world Real Estate circles. You need not have worried. RE/MAX again continues to be the #1 Sales leaders in the U.S and Africa, Canada, The Caribbean, Europe and Latin America.

RE/MAX has been unstoppable in expanding its reach around the world. Recent successful moves into countries such as Brazil, Columbia, Ecuador, India and Peru illustrates the networks current Global Momentum despite tough economic times.
Asian Markets are the next step for RE/MAX Globally. RE/MAX aims to introduce the brand to consumers in Asian markets such as China, Hong Kong, Indonesia, Malaysia, Philippines and Thailand.

Associates outside the U.S. and Canada closed 31% more transaction sides in 2010 than they did in 2009.

RE/MAX in the United States had another banner year; again RE/MAX agents sold more U.S. properties than did any other National Franchise. RE/MAX agents led in total Residential homes sold and transaction sides per agent. In fact they sold twice as many homes per agent than did other associates.
(see graph)

RE/MAX efficiency was not just at the national level. In the Wichita, KS metro area RE/MAX again was #1 in transactions per agent of the top seven brands. RE/MAX Realty Professionals was the #4 office In sales with less than 40 agents. The top 3 companies averaged over 200 agents.

Efficiency of Wichita metro agents in real estate sales for 2010:
Last year only 24% of all agents sold at least one home a month. 305 agents (18%) did not have a single sale. 701 agents (41% of all agents) had two or less sales FOR THE ENTIRE YEAR.

Only 15% of all agents (252 out of 1690 Metro MLS agents) had 15 sales last year. This is the minimum amount of sales it takes to remain active and full time in the real estate business.

Kirk and I had almost 70 sales and this rated us In the top 1.5% of all Wichita MLS agents in 2010.

Other economic news
McDonalds plans to hire 50,000 new employees in one day this spring for their more than 14,000 U.S. restaurants.

Google hired 4,550 new people in 2010 and plans another 6,200 in 2011.

Interest rates are expected to remain stable for the entire year and raise no more than ½ %.

Wichita sales in February rose 25 % from the dismal figures I January, 2011.

March, 2011 RealEstate update for the Wichita, KS metro area.

2011-03-19T10:13:00.000-07:00

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.

Discover the RE/MAX Design Center

2011-03-02T14:50:00.000-08:00

Wichita, KS Real Estate Report

2011-02-20T09:32:00.000-08:00

Real Estate Report February, 2011
For the
Wichita, KS Metro Area

Existing home sales/closings dropped 41.5% between December, 2010 and January, 2011 according to the South central Kansas MLS.

The median sales price for that period also decreased 16.1% and YTD decreased 12.1% based on closed transactions. This does not mean that home values dropped, it means that more less expensive homes sold. The good news was contracts written in January increased and for RE/MAX Realty Professionals that increase was 25%.

New home sales also decreased during this period (closed Sales) by 43.6 % but new contracts written were at a 4 month high.

Existing home inventories have remained stable with 3,755 homes in inventory. New homes in inventory decreased slightly to 458 units.

Based on the slow amount of contracts written in the last two months of 2010 and closings in January, 2011 months of Inventory increased dramatically to 12 months for existing and 14.8 months for new homes.

During January, 2011 there were only 344 reported sales from 1679 MLS agents (the average MLS agent did 1/5th of a sale.. Our 33 agents did 41 of these closings (our average agent did 5 times that amount of business). 1,118 new listing were added to the market compared to 1,227 a year ago.

Total existing homes on the market were 3,755 compared to 3,388 one year ago, an 11% increase in homes for sale.

Average days on the market for January, 2011 closings were 73, avg. list to sales price was 95.78%. Avg. sales price of existing homes was $119,320 and new homes were $251,836.

The Federal Reserve released data from their most recent meeting. They expect the GNP to grow more than last reported to 3.4% to 3.9% in 2011. They expect the jobless rate to decline from 8.8% to 9%. They are still worried a bit about the continued weakness in the national Housing market.

Wichita real estate and Economic report

2011-02-02T12:17:00.000-08:00

February, 2011, Economic & Real Estate update
for the
Wichita, KS Metro area.

Boeing plans to hire 4,000 to 5,000 new workers at their Many U.S. Plants in 2011. Boeing has a back log of around 3,000 aircraft and is ramping up their production of B737 and B777 airliners.

Spirit AreoSystems plans to hire hundreds of new workers also. Spirit builds parts in Wichita for every airliner Boeing Aircraft builds including parts for Airbus and the main fuselage for the Sikorsky CH-53 Helicopter.

Nationally, payrolls by private employers rose by 187,000 in January, 2011. Analysts had been predicting 145,000 jobs to be added in the month.

A few years ago Wichita was trying hard to get a Bass Pro Shop or Cabela’s to anchor the shopping at Water Walk in down town Wichita. They settled for Gander Mountain. Gander Mountain turned out to be a great choice and the Wichita store is one of their very best. Last week Cabela’s announced they were indeed coming to Wichita and had settled on a NE Wichita location. The new 80,000 sq ft store will be at Regency Lakes shopping Center at 21st and Greenwich. The Wichita store is set to open in the spring of 2012.

The IMAX at the West Side Warren theaters is one of the largest IMAX’s in the country. It evidently was the most successful in showing the 3D hit, “TRON”. The attendance figure in Wichita led the nation. Coming attraction for the West IMAX are “Pirates of the Caribbean”, “The Green Hornet”, “Cars”, the next Harry Potter movie and “Cars”.

Chick-fil-A is coming back to Wichita. The Former Pesto gas station at Central and Rock road will be torn down and a new restaurant will be built.

Crime numbers for Wichita, KS had a significant drop in 2010 compared to 2009. Crime fell around 5% in Wichita last year. Only one of the seven crime categories showed an increase over last year. That was burglaries with a 25% increase. Murder, robbery, rape and aggravated assaults fell 7%.

American consumers have jump started the economic recovery for the beginning of
2011. GNP grew 3.2% in the last quarter of 2010. This compared to a 2.6% increase in the 3rd quarter of 2010. Spending on durable goods like appliances, cars, trucks and furniture rose by 21.6%. For the year, GNP grew by 2.9% compared to the 2.6% decrease in 2009.

Wichita Ok’s a $420 million dollar design for the expansion of Kellogg (HWY 54-400) from the I-35 turnpike exchange to 159th street next to Andover, KS. Work is expected to start in about 3 years. Additional plans for US-54/400 include future expansions thru Andover on the east side of Wichita and thru Goddard on the west side of Wichita.

Real Estate information:

According to the National Association of Realtors, (NAR), pending home sales improved further in December, marking the 5th gain in the last 6 months. The Pending home sales Index was still 4.2% lower than December, 2009.

The South Central Kansas MLS (Wichita, KS metro area) has just released the 2010 area home sales figures. Existing home sales increased 9% between Nov. and
Dec. 2010. Total existing home sales were up 491 to 535 units, the median sales price increased 1.4% in December and 12.4% on a year over year basis.
Existing home inventory dropped 3.1% in December but was still up 18.9% year over year.

Months of inventory supply was 7 months at the end of 2010. Months of new home inventory were 8.6 months. A balanced market is 3-5 months of inventory.

In 2007, there were 11.936 sales; there were 10,048 sales in 2008, 8,617 sales in 2009 and only 7,820 sales last year. The number of new residential listing remained relatively the same over the last year but ending year inventory was up 900 units compared to 2008. New homes for sale at the end of 2010 were about 60% of 2008’s level. The banks have done a pretty good job cutting back on new construction loans plus the builders have been clearing their inventory.

The average sales price of existing homes in 2010 was $124,697 with an average of 84 days on the market and selling for 96.36% of their final list price. The average price of new construction sold in 2010 was $189,577. There were 812 new residential units sold last year. 57% were co-op sales.

RE/MAX Public Perception

2011-01-26T14:31:00.000-08:00

Wichita, KS metro area real estate update.

2011-01-06T09:07:00.000-08:00

Real Estate report for January, 2011
Wichita, KS metro area.

Data supplied below provided by the South Central Kansas MLS:

The median sales price of existing homes in November increased 3.8% compared to October but deceased 1.3% on a year over year basis.

While existing home inventory dropped 5.5% last month, it is up 18.7% from a year ago. New home inventory is down 19.7% from a year ago.

Months of inventory still indicates a buyer’s market. A balanced market shows inventory at a 3-5 month level and last month’s level was 7.8 months. This was a slight drop from the previous month.

Existing home sales were 7,190 for the 1st eleven months of 2010. This is 11% below 2009 levels, 23% below 2008 levels and 36% below 2007 levels (our all-time high in sales).The average sales price of existing homes sold in November, 2010 was $124,718. This is about $2,000 higher than YTD stats. Days on the Market (DOM) were 82 for 2010 sold properties.

New homes prices averaged $229,679 for the 1st eleven months of 2010.

Foreclosure homes added to the market in 2010 were about 50% of the volume added in 2009. The same amount is expected in 2011.

Interest rates have risen about 1% over the last two months. Average 30 year fixed rate loans are at 5% and 15 year loans are at 4.25%

December, 2010, Financial and real estate update for ICT

2010-12-19T10:10:00.000-08:00

December, 2010, Financial and real estate update for the
Wichita, KS metro area.

Up to five Dollar General stores are being built or in the planning stages for the Wichita Market area.

Spirit shows off the 1st composite fuselage for the Sikorsky Helicopter used by the U.S. Marine Corps. This is the first of up to 200 units to be built for the Corps. More are expected to be bought by other service branches and countries. This is a move by Spirit to not just be a supplier of aircraft parts for Boeing aircraft
Spirit Aerospace has been told to expect to ramp up production of the 737 models it builds in Wichita. Current production of 33 units a month may go as high as 41 units in the next couple of years. Spirit builds about 70% of the model for Boeing and builds parts for all other Boeing aircraft. They are expected to ramp up production for the B787 and B747x aircrafts in 20100 and 2012.

Depending on the report you read, Wichita’s unemployment rate went up .2% or remained stable over the last month. Unemployment claims were stable but there were fewer employees in full time jobs. The rate was 8% to 8.4% compared to a national unemployment rate of 9.8%. The Kansas unemployment rate was 6.7% and Manhattan had the lowest rate of 5.2% I the state. The jobless recovery continues.

Retail and new car sales in November and December are up in the Wichita metro area as well as nationally. Retail sales rose for the 5th straight month according to the U.S. Commerce department, over .8% for the month.

Long term interest rates have bottomed out and are now holding around 5% for a 30 year fixed rate mortgage.

Mulvane, KS in Summer County seems to be the big Winner for the Next Kansas State Cansino. This week the Kansas Gaming commission choose one of two sites in Mulvane (just south of Wichita) as the future home of a $220+ Million dollar facility. Work is supposed to start early next year on a temporary facility. The entire project is expected to take 4 years to complete.

A private research company said future Economic activity rose 1.1% last month. This is the fastest rise since March of 2010. 9 of the 10 measures that make up the index rose in this report.

Airbus has just come out with a report on Airliner demand and has increased their projection over the next 20 years. Demand in China and the Far East was attributed to this. Boeing continues to estimate a lesser demand but still solid growth.

22.5% of all Mortgages by Americans are more than the clients homes are worth. (A total of 10.8 million) This number has fallen for the 3rd straight quarter. In a health market only 5% of mortgages are greater than the value of the homes.

Home prices defy predictions; remain stable, National report by RE/MAX

In recent months, the real estate market has been impacted by several outside forces that have resulted in some uncertainty. While the Tax Credit has expired and some lenders are still working their way out of a foreclosure moratorium the market is struggling to find secure footing. A monthly survey of 54 metropolitan areas indicates that sales were 4.9% below those in September and 25.9% below sales in November 2009. However, sales declines appear to be headed in the right direction, with much smaller losses than were recorded last month. Housing inventory continues a trend of single digit declines, while home prices only fell 1.7% from last year.

“While home sales usually decline in the winter months, we are seeing a larger than normal correction this winter due to several artificial factors like the expired tax credit,” said Margaret Kelly, CEO of RE/MAX, LLC. “Despite predictions about falling home prices, they appear to be remaining stable with several markets reporting significant price increases over last year.”

Wichita real estate sales in November were up 2 units from last month but the 509 sales were 36% less than the 801 sales in November, 2009 ( these sales were fueled by the then ending of the federal tax credit). Sales across the Midwest were down 30.6% compared to 2009 numbers. Good news: inventories are down, avg. prices are up 7.9% and it appears that hiring for jobs will increase next year which should increase home sales.

November 22, 2010 Wichita ecnomic report.

2010-11-23T11:26:00.000-08:00

November, 2010
Economic update for the Wichita, KS metro area.

Foreclosures increased to a 10 year high in the Wichita area in September but were still only 1.5 per 1,000 mortgages, more than ½ below the national average. Homeowners at least 90 days late were 3 in every 1,000 compared to almost 7 per 1,000on a national level. In the last year at least 10% of all mortgage holders nationally were late at least one time during the year.

GDP Report: The economy is picking up steam……

The U.S. Economy continues to grow: The economy grew at a 2.5% rate in the 3rd quarter of 2010. This compared to a 1.7% growth in the 2nd quarter and to a 2% original report for the 3rd quarter. Strong exports and consumer spending fueled the growth. Consumer spending was up 2.8% and exports increased 6.3%. The economy needs a growth of 3.5% per quarter to cause a serious drop in the unemployment rate.

Wichita’s unemployment rate fell in October to the lowest level in 12 months. The rate was 7.8%. This compared to 6.4% for Kansas, 5.5% for Lawrence, 6.6% for Topeka and Manhattan at 4.8%.

Now might be the time for buyers to get off of the fence and buy that next home. Long term interest rates had been at a 50 year low around 4% for a 30 year, fixed rate mortgage. Rates quoted 11-22-10 were 4.5% for a 30 year fixed rate conventional loan, 4.25% for a FHA loan and 3.875 for a 15 year fixed rate conventional loan.

November, 2010 Wichita Real Estate and Economic Report

2010-11-13T11:43:00.000-08:00

November, 2010 Housing report for the
Wichita, KS metro area.

Existing home sales declined 8.9% between September and October according to information released by the South Central Kansas MLS. 501 existing homes were sold in October with a median sales price .6% higher than the previous month but 3.2% lower than a year ago.

Existing inventory was done 5.6% from the previous month but still up 22.6% from the previous year.

Months of supply of existing inventory increased to 8.1 months. A balanced market is in the 4-5 month range.

West Wichita had 62 existing homes close plus 6 new homes. NE Wichita had 86 existing homes close plus 11 new homes.
Compared to 2007, Wichita’s best sales year, residential sales are down 39%. Existing homes for sale are up 21%. In a bit of good news, Builders are continuing to get rid of excess inventory. There were only 464 homes for sale in the 5 county areas compared to 873 homes in October, 2007.

Year to date 12,189 existing homes were placed on the market with 5,941 homes closing. The average price in the metro area was $124,391 (this number has remained virtually stable), days on the market were 82 and the seller’s realized 96.41 of their last asking price. This number does not take into consideration concessions paid by the seller to get the home sold.

Year to date 930 new homes have been listed with 676 sales. The average price of a new home YTD is $227,330.

28% of all homes sold in October, 2010 sold for cash. 36% sold with a conventional loan. 28% sold with an FHA loan. And 6% sold with a VA loan.

Additional Financial and employment news.

Somewhere between 3 and 5 million American will max out their 99 extended weeks of unemployment aid and fall off the roles starting in November 2010.

GDP growth: 1.7% the 2nd quarter of 2010 and 2% the 3rd quarter. You need 3.5% GDP growth to start cutting unemployment rates.

The Beacon’s Home affordability Index is at the best rate for consumers in 40 years.
New home starts nationally are running 70% below 5 years ago and are running below rates needed to replace aging homes.

Wichita, KS is #1 in the nation in Exports as a percentage of Gross area sales. The aircraft manufacturing industry drives this number along with food & grain exports.

Nationally, Home sales are 20.6% below September, 2009 levels.

Wichita’s foreclosure rate starting the 3rd quarter of 2010 was 1.51% of outstanding mortgages. This compares to 3.2% nationally. 4.27% of Wichita area homes are at least 90 late on Mortgage payments compared to 7.79% nationally.

In 2010, over 10% of owners with mortgages have been late at least once over 30 days.

Did you know that more that ¼ of all U.S. homes are free and clear……..

U.S. Household formations are at their lowest level since 1947. Between 2002 and 2007, Household formations averaged 1.3 million a year. During the last year, only 357,000 formations took place. A normal economy would produce at least 1.2 million formations.

During normal times builders need to be adding 1.7 million units to keep up with new household formations and to replace aging homes and provide 2nd homes for those wanting them.

The sharp drop in Household formations is one reason the glut of unsold homes nationally remains high. Census data shows that 14.5% of all homes were vacant during the last census. That along with marriages declining about 20% as a percentage of population since 2000, Immigration declining plus divorces falling about 15% are other contributing factors.

Halloween at RE/MAX

2010-10-29T10:56:00.000-07:00

Some of the staff at RE/MAX realty Professionals and Security 1st Title. This is what home owners had to look forward to today when they came in to close the sale of their homes.

How Hot Air Balloons work

2010-10-25T15:56:00.000-07:00

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Largest Hail stone in Kansas fell 1/2 mile from our West office.

2010-10-06T17:08:00.000-07:00

Three weeks ago southwest Sedgwick County got hit by a freak Thunder storm that spawned unusual Fall Tornadoes and a large Hail Outbreak. The area from West 119th St south of Kellogg all the way to Ridge road was hit by the largest hail stones ever recorded in Kansas. The stone was 7.75 inches around and weighed 1.1 pounds.

Two golf courses were so severely hit that they closed the next day so ground crews and friends could fill the massive divots in the greens. Course personal at a west Wichita golf course reported that water sprayed up to 15 feet in the air as the massive 3/4 to 1 pound hail stones hit the courses.

It has been reported that over 24,000 homes were effected in a two county area and will have to have roofs, guttering, windows and siding replaced or repaired. Wess Galyon, EO of the Wichita Builders group is warning residents to be very wary of the hundreds of roofers descending on the area to help in the repairs

Several large, out-of-state dent repair companies are in town to fix the thousands of cars that were also damaged. They have set up shop in high profile locations through out west Wichita.

In addition to hail stones actually splintering the plywood sub-roofs of homes, several airliners were damaged at Mid Continent Airport along with damage to the terminal building.

The attached picture is the record busting 1.1 pound Hail stone.

September, 2010 Wichita Real Estate Update.

2010-09-19T08:11:00.000-07:00

September, 2010 Real Estate Report
Wichita, KS metro area

August sales were down about a third from 2009 but up slightly from July, 2010. August 2009 sales were 851 units and this August sales were 572 units. YTD sales were 5,447 units. This was 97% of 2009 sales, 76% of 2008 sales and 66% of 2007 sales.

Existing home inventory was up 2.2% with 4,378 homes in inventory compared to 4,282 last month. The existing home inventory last month was 15.1% higher than it was a year ago. Total existing homes on the market are at the highest level for any month for the last 3.5 years.

New home inventory is 18.3% lower than it was a year ago. Only 495 new homes are in Inventory now.

A “balanced market” is considered to be a 5-6 month supply of homes for sale. There were 8.2 months of inventory in August but this was a lower level than July. A year ago there were only 4.7 months of inventory.

The average Sales price for existing homes in Aug., 2010 was $131,698. The average price in Aug., 2009 was $122,823. The median Sales price in August, 2010 was slightly less than this time last year.

The new homes average sales price for August was $245,318, about $4,200 more than a year ago.

The median sales price for homes in West Wichita equaled the median sales price for homes in NE Wichita for the 1st time. High end sales in NE Wichita continue to suffer due to the lack of corporate transfers and layoffs in the aviation sector.
Where the sales in the Wichita metro area are: Of the 572 existing home sales in August, 2010---477 were below $200,000. Only 17 homes sold above $400,000.

The good news: Interest rates continue to be at historic lows. 15 year fix rates are around 3.875% and most 30 year fixed rate loans are below 4.5%. Business news: Both Spirit and Cessna machinists have voted Not TO Strike and long term contracts are now in place (10 and 7 years respectively). Boeing has ramped up production of some of its most popular jet liners and this means more business and jobs for Spirit and their local suppliers.

Ten good reason to buy a new home in the fall of 2010:

1. There are some great deals out there.
2. Mortgages rates are historically low.
3. You can right off Interest and real estate taxes on your taxes
4. The home will belong to you
5. The Home normally off sets inflation concerns
6. You can upgrade your home because of cheaper prices and cheap interest rates.
7. Building Equity in your home linked to the national economy.
8. You will eventually pay the home off and its yours.
9. There are a lot of homes to choose from.
10. The Real estate market will get better and prices will start going up again.

Open House

2010-08-22T15:02:00.000-07:00

National and Wichita homes data, August, 2010

2010-08-17T10:00:00.000-07:00

New home construction rises, but outlook weakens
By Julianne Pepitone

NEW YORK (CNNMoney.com) -- New home construction ticked higher in July, but indications of future building were weak, the government said Tuesday.
Housing starts rose 1.7% from June to a seasonally adjusted annual rate of 546,000 last month, the Commerce Department said.

Economists were expecting housing starts to rise to 555,000, according to a consensus estimate from Briefing.com.

On a year-over-year basis, starts fell 7% from July 2009.
"Activity in the housing market is likely to remain depressed for several years," Paul Ashworth, U.S. economist at Capital Economics, said in a research note. "Housing is not going to lead the economic recovery."

Future activity: Applications for building permits, a gauge of future construction activity, fell over the month. Permits dropped to a seasonally adjusted annual rate of 565,000 in July, down 3.1% from a revised 583,000 in June.
Economists were expecting a more modest drop to 573,000. Permits were down 3.7% from the same time last year.
"[The permits figure] is not an encouraging sign," Ashworth said. "The 'good' news, however, is that housing is so depressed it is hard to see activity falling much further from such a severely depressed level."

Wichita, KS Metro Area Report

Locally the housing market is walling in the doldrums. Existing home sales fell 32.8% between June and July. This is based on the Tax credit made available the 1st four months of the year with these homes mostly closing in the 1st ½ of the year. The median sales price of existing home sales in July dropped 7.9% on a year over year basis.

New home sales decreased to only 42 units in the metro area. This is a 66.9% drop compared to June. The avg. sales price also rose considerably because most sales were for 1st time buyers in June. That value increased from $160,920 in June to $221,757 in July.

Total new and existing home inventories increased 17.3% over the past year. Months of inventory increased to 8.3 months. Any number over 5-6 months indicates a buyer’s market.

Interest rates still continue at historically low rates. 8-15-10 rates were quoted in the mid 4% rage with 15 year loans breaking into the 3+% range.

August, 2010 economic report for the Wichita, KS metro area.

2010-08-15T13:33:00.000-07:00

August, 2010 economic update for the Wichita, KS metro area…..

Real estate activity in the 1st ½ of August seems to have picked up from July. The continued low rates for loans will not last forever and some buyers want to make sure they take advantage before they end. Showings in the higher price ranges have in particular have risen well above the June and July levels.

Sales are still slower than we would like. They are a function a lack luster job market so far. The government is realizing this and plans to keep rates low through the rest of the summer and maybe into the fall.

Machinist Unions are starting negotiations with Beech and Cessna a year earlier than normal. Beech Aircraft has suggested they move up to 75% of their operation to the South and the union is trying to get this stopped. The recent 10 year contract with spirit aerospace may be an inducement for Beech to try and work something out.

This fall we should start seeing more deliveries of the B787 and new B747 cargo plane. We are still awaiting word on the 3rd round of negotiations on whether or not Boeing gets the large Military tanker contract. This will mean more business for Spirit, Boeing military in Wichita and local suppliers. We are also waiting to see if the new Casino in Summer County gets approved. More construction jobs with this one.

I just got back the 13th from the National RE/MAX broker conference in Denver and listened to a number of experts in the industry. These experts all say the existing market will linger on for the next 2-3 years and Short sales and REO properties will last another 3-5 years before the oversupply is cleaned up.

Locally the local aircraft execs said that good employment growth will not really happen till 2012 and full employment at the 2008 levels will not be reached until 2015.

Wichita, KS economic update, July, 2010

2010-07-27T14:40:00.000-07:00

Wichita, Kansas Economic Update
July, 2010

The Brookings Institution just completed a study on American cities and how fast their exports were growing. Wichita, KS was Number one with the fastest growth of exports over the last five years. Only four Metropolitan areas doubled exports over the last 5 years…Wichita, Portland, New Orleans and Houston.
This growth in Wichita is mainly attributed to the Aviation sector. Wichita aircraft plants build nearly ½ of all general aviation aircraft delivered worldwide each year. Nearly ½ of all Aircraft manufactured in Wichita are sold outside of the United States.

Where Kansas Ranks in Spending and Taxes
Data from a 2008 survey of Local Governments and States

US average Kansas average Kansas rank
Property Taxes: 21.1% 20.9% 19th
Higher Ed. 7.9% 10.8% 9th
Sales Tax income 23.1% 23.2% 22nd
Highways 5.4% 7.9% 8th
State income tax 15.7% 16.7% 22nd

"Short Sale" are inceasing....

2010-07-19T09:06:00.000-07:00

“Short Sales” are increasing.

Nationwide, Short sales made up 18% of Buy-side transactions in June, 2010. Over all, Short Sales are up 50% from a year ago.

“Short sales are much more complex and time-consuming transactions and agents handling them should be educated on how to assist homeowners in these situations” said RE/MAX Chairman and Co-Founder, Dave Liniger, ABR, CDPE, CRB.
Liniger said, “We’ll see an even greater influx of Short Sales flood the market as people take advantage of the government Home Affordable Foreclosure Alternatives (HAFA) program.
More about HAFA:

The HAFA program is crucial in streamlining the Short Sale process for homeowners, lenders and real estate agents as an alternative to foreclosure. Here are some of the key program guidelines:

1. Lenders must respond to Short Sale Requests within 10 Business days of receipt of the offer package.

2. The seller will be released from all liability for repayment of the primary mortgage debt.

3. Subsequently, the seller is entitled to a relocation incentive of $3,000, which will be deducted from the gross sale proceeds at closing.

4. The lender will be paid $1,500 to cover administrative and processing costs for a Short Sale or deed-in-lieu.

5. The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.

6. The lender is prohibited from requiring, as a condition of approving the Short Sale, a reduction in the agreed-upon real estate commission.

Wichita, Kansas market update, 1st six months, 2010

2010-07-18T08:10:00.000-07:00

2010, 1st Six Months, Economic &
Real estate activity for the Wichita, KS metro area

The South Central Kansas MLS has released their June, 2010 figures for Wichita-area homes sales.

Existing home sales decreased by almost 10% between May and June, 2010. However, YTD sales increased by 10% due primarily to the Federal Tax Credit offered until 4-30-2010. Many of the sales that closed in May and June were contributed to that Credit.

New home sales increased dramatically (58.8%) from May with 77 sales compared to only 274 for the 1st 6 months. New Home inventory increased 11% to 512 units but this was still 22.5% lower than a year ago. Both new and used inventory are up 6.4% over Last month and up 10.1% over a year ago. There were 9% more existing homes listed so for in 2010 compared to the 1st 6 months of 2009.
Months of inventory increased to 5.4 months based on June, 2010 sales. Anything over 6 months favors Buyers.

YTD the average price of an existing home sold was $123,396compared to $222,121 for new homes. The average existing home sold at 96.71% of their final list price and averaged 78 days on the market. Market days only count homes that actually closed.
Since the end of the Federal Tax credit in April, new contracts written are done 50% in both May and June. For the 1st time we are tracking showings in our two offices and showings are down over 50% from April 2010’s level. These numbers do not bode well for the remainder of the year.

With interest rates at a 50 year low you would think buyers would be beating a path to any Realtor’s door. It appears the continued worry about additional layoffs before the recovery in the aviation sector in Wichita has many potential buyers on the fence. The announcement last Thursday from Beech Craft about 25% to 75% worker layoffs in Wichita did not help.

What is selling: VERY well priced homes in excellent condition. Short sales made up 18% of all sales nationally (up 50% from a year ago) with some observers saying Short sales and REO’s made up 40%+ of the national market.

What are Short Sales? This is where the sales price minus charges to the sale including loans owed is a negative value. In these cases we go to the lenders to get them to accept less than what is owed and the let the sale proceed. This does damage the seller’s credit but less than a foreclosure. Medical problems and loss of job are the most common reasons for short sales, REO’s and bankruptcy.
Why would a lender do this? The loss is usually less than taking back a home plus the lender does not have any caring costs to the property

In Kansas, foreclosures rose 47% but were still low compared to the national average. In Kansas the foreclosure rate was 1.51% of all loans compared to 3.15% nationally. More troubling is the delinquency rate at 4.33% in Kansas.

What is projected for the rest of the year? More of the same until more jobs are created in the Wichita metro area. Rates should continue to stay low through the fall and this will help a bit in getting buyers to act now rather than later.

Wayne "SHORTY" ShortABR, CRB, CRS, CRP
Broker/Owner, RE/MAX Realty Professionals
East and West Offices, 316-554-2831

www.realtor-shorty.com, www.move2ks.com
shorty@realtor-shorty.com

Did You Know? The RE/MAX Edition 3.1

2010-07-05T08:02:00.000-07:00

Mortgage Rates are reaching a 50 LOW

2010-06-30T09:35:00.000-07:00

Mortgage rates today are lower than anytime in my 29 year real estate career. Actually they are lower than they have been in the last 50 years. Quotes today: 6-30-2010 are 4.25% for a 30 year Fixed Rate VA/FHA loan, 3.875% for a 15 year fixed rate VA/FHA loan and 4.625 for a 30 year Fixed rate conventional loan. If these rates don't get you in the mood to re-finance or buy that new home.....Nothing will.

Wichita, KS real estate update, May, 2010

2010-06-25T07:15:00.000-07:00

May, 2010 MLS Sales Statistics for the
South Central Kansas area including
The Wichita, KS metro area

Home sales in May increased 5.7% over April 2010 closings, nationally they decreased 2.2%. Closings in May 2010 were still up 23% compared to May 2009. Average values of existing homes sold were up 2% over a year ago. This was expected with the end of the federal tax credit April 30, 2010 and closings needed to take place over the next two months. New contracts written since April 30th, 2010 and property showings are showing a downward trend (as much as 50%) and this will be indicated in July-thru September closings.

YTD, closings are up 13% over 2009 for existing residential homes. 2009 sales were the lowest since 2005.
There are 4.6 months of existing home inventory, a number trending to a seller’s market. There have been 6,508 homes listed in 2010 compared to 5,875 listed in the same time period in 2009, a 11% increase.

Builders have done a better job in controlling inventory. New Home inventory is down 34% from a year ago.

YTD it is taking on average 79 days to sell an existing home at 96.57% of listed value. This data is for the last listing of a property at the last listed price. The average sales price of an existing home in 2010 is $123,330. The average price of a new home sold was $230,898.

2010 will be known as the year of two selling seasons. The 1st ½ with good sales fueled by the Federal Tax credit and the 2nd ½ known more for a selling season no better than 2009.

Spring real estate information, 2010

2010-06-03T08:54:00.000-07:00

2010, Real estate update
Real estate closings were up 42% in the April-May time period, primarily due to the federal tax Credit that expired April 30, 2010. Closings for May and June should be much higher than a year ago since June 30, 2010 is the cut off for closings if you want to qualify for the program.

Contracts written in May were still very solid for the 1st two weeks but faded the last two weeks to about ½ the previous two weeks level. This is usually the trend in May due to the end of school terms, graduation, River Fest, Start of vacations, Memorial Day, State track meets, etc…..

Activity is highest in homes below $150,000. However, only “pretty” and “well priced” homes are getting offers and selling.

Interest rates are still at historic lows. Quotes 6-2-10 were 4,75% for FHA and VA loans, 4.875% for 30year conventional loans and 4.25% for 15 year conventional loans.
Remarks from the aircraft community said we have not reached the bottom yet in the business jet market. That should happen in the next 6-9 month period. They do not expect hiring levels to be at their past peak for at least 5 years.

National economic news is still solid and getting better. Historically, Wichita lags the national economy 1-2 years going into and coming out of business downturns.

2010-05-24T08:02:00.000-07:00

1st four months Sales data for the Wichita, KS metro area.
Residential real estate sales for 1-1-10 to 4-30-10

Existing home sales increased 33.9% between March and April, 2010. The median sales price of homes increased 5.6% on a year over year basis. Sale YTD are 9% higher than a year ago.

Existing home inventory was down 2.4% compared to a month ago but home inventory is 11.6% higher than it was a year ago. There were 3,765 residential homes on the market the end of April, 2010 in the South Central MLS district. . There have been around 18% more homes listed in the 1st four months of 2010 compared to a year ago.

New home inventory is 35.2% lower than it was a year ago at this time. The average new home price in the 1st four months of 2010 was $242,733.
A “balanced Market” is when there is less than a 5-6 month supply of homes for sale. There was 4.6 months the end of April, 2010

The average sales price of all existing homes sold in the 1st four months of 2010 was $120,949. The Median price was $107,450 indicative of the large amount of 1st time buyers in the market taking advantage of the Federal Tax Credit. The Average Days on market for listings during this period was 81 days and the average list to sales price for the LAST time the property was listed was 96.46%.

Sold active residential sales in January were 354 units, February was 480 units, March was 695 units and April was 891 units in the Wichita, KS metro area for 2010.

Sales figures for various real estate franchises were: Based on data from the Wichita MLS, 2010

JPW was #1 in sales with 775 sales by their 300 agents who averaged 2.58 sales in the 1st 4 months

Prudential was #2 with 666 sales by their 271 agents who averaged 2.46 sales………..

RE/MAX was #3 in total sales of 462 by their 95 agents averaging 4.86 sales per associate…#1 in production per associate. RE/MAX Realty Profesionals alone ranked #4 among all real estate compainies in the Wichita, KS metro area.

#4 was Coldwell banker with 426 sales by 115 agents averaging 3.7 sales per associate

#5 was Keller Williams selling 381 homes but needing 148 agents who averaged 2.57 homes per associate.

National real estate sales from the AP-RE/MAX Housing report

2010-04-26T07:35:00.000-07:00

National existing home sales rose 6.8% in March, 2010. The 1st increase in 3 months.
Sales have been higher than a year ago for 9 straight months
All 54 metro areas in the RE/MAX-AP report showed positive growth in sales in March. Year over year inventory was down 13.15 % and prices increased 7.76%.

In the Midwest annual sales were 1.19 million units. That was a 7.2% increase over the previous month and 15.5% over a year ago. Average sales price was $139,300 a 8.8% increase over the previous month and 5.2% over a year ago.

National inventory levels was 3.58 Million units, a 1.8% drop from a year ago.

Distressed properties were 35% of all sales, 1st time buyers were 44% of all sales and investors were 19% of all sales.

march, 2010 Wichita Metro area Real Estate Stats

2010-04-20T13:15:00.000-07:00

March, 2010 Real estate sales Figures
For the
Wichita, KS Metro Area

The South central Kansas MLS released sales figures for March, 2010. Existing home sales increased 180 units over February. The median sales price of existing homes increased 9.7% over the same period. These numbers were a huge increase over fairly dismal January and February sales and were only 98% of 2009 sales, 68% of 2008 sales and 61% of 2007 sales.

Existing home inventory was up 7.8% over February, 2010 and up15% over March, 2009.
Months-of-inventory has dropped to a fairly manageable 6.3 months. 4-5 months of inventory is considered a balanced market.

New home inventories were down to 67% of a year earlier. New home sales increased 7.8% over February, 2010.

Average sales price for existing homes in March, 2010 was $119,762 with an average list to sales price of 96.38% with 80 days on the market.

There were 678 closing of existing homes in March, 2010. 126 were cash, 231 were conventional loans, 224 were FHA loans, 46 were VA loans and 27 were other types of financing.

Picture is our Float entry for the SunDowners Parade the 1st day of river fest.

Housing Trends for Wichita.....

2010-04-12T09:48:00.000-07:00

Real estate activity has really picked up since January inthe Wichita metro area. This summer we will find out this is because the winter months were so bad that any thing looks good or the housing recovery is starting to take off.
Based on contracts writen at our company February's business was up 29% over January, March was up 231% over January and the more contracts were writen in the 1st 10 days of April than all of January, a 300% increase in activity. Only tme will tell if this continues after the Tax credit ends at the end of April.
____________________________________________________________________________________

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the APRIL-2010 Newsletter Newsletter Housing Trends eNewsletter:
http://shorty.housingtrendsenewsletter.com?Newsletter_ID=247&Period_ID=184

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

It also includes press releases with charts and videos, key market indicators and real estate sales and price statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://shorty.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

Wayne Short
RE/MAX Realty Professionals
10100 W. Maple Wichita KS 67209
316-554-2831
shorty@realtor-shorty.com

Wichita and Kansas Real estate market, 2009-2010

2010-03-14T13:35:00.000-07:00

Real estate activity report for 2009 and projections for 2010
The economy is growing but fallout from the recession continues to impact commercial real estate. No commercial real estate recovery is expected before 2011. The job market is expected to rebound in the 2nd half of 2010 and that will cause a rising demand for office and warehouse space says NAR Chief Economist Lawrence Yun.

Consumer confidence later this year will sustain the retail sector and encourage more people to enter the rental retail market. February’s increase in retail activity on top of the 4th quarter increase in 2009 seems to be backing Yun’s prediction.

Strong Gains in existing-home sales were experienced in most states in the fourth quarter of 2009. 48 states saw an increase in sales over 2008 with 32 state experiencing double-digit gains.

Short sales and Reo sales still make up a large amount of real estate activity in the later part of 2009 and into 2010. In November of 2009, National short sales accounted for 12.4% of the existing home market behind move-in ready REO sales at 12.6%. In January, 2010 short sale transactions accounted for 15.9% of home purchase activity. The percentage of distressed property sales in the housing market rose for the third straight month in January, 2010 reversing four months of declines. Total distressed sales nationally were 43.1% in January, 2010.Data provided by Campbell Surveys. www.campbellsurveys.com

Unemployment triggers Foreclosures: Job losses and reduced income are the top reasons that many U.S. homeowners are facing foreclosure.

Home Buying Trends for 2009: Source: National Association of Realtors

78% Bought a single family home
90% Began their search on-line
60% Were married couples
21% Were single women
10% Were single men
Average age was 39
Median home value was $172,609

2010 Kansas Housing market Forecast: Source: Center for Real estate, Wichita State University

Wayne Short, RE/MAX Realty Professionals is a member of the Center For Real Estate Advisory Board. Dr. Stanley Longhofer is the Director of the WSU Center for Real Estate.

Employment: Total non-farm employment has fallen 4% from the beginning of 2008. It is expected to continue to fall through the 1st quarter of 2010, after which a slow recovery will begin.

Interest rates: Low rates of around 5% will not last indefinitely but should not rise to any level that will hurt a housing recovery. The mortgage bankers Association forecasts the 30-year fixed rate will rise only to the 6.3% range buy the end of 2011.

Wichita Forecast: Wichita home sales have fallen more than 30% over the last three years. Unlike some markets, inventories in Wichita also fell. As a result, home prices have continued to appreciate (slowly) throughout the down turn.
Wichita home sales should rise by 5.1% to 9,059 units in 2010. 2010 home price appreciation is projected at a moderate 2.1%. Kansas home prices are projected to only rise by 1% during 2010. Wichita makes up 28% of the Kansas housing market.

January, 2010 Wichita MLS stats for Home Sales

2010-03-03T15:13:00.000-08:00

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.

Federal tax credit information, chart

2010-02-18T09:15:00.000-08:00

2009 Wichita real estate wrap up.

2009-12-29T08:57:00.000-08:00

2009 Real Estate Wrap-up
& What
2010 Will bring us.

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 for 5 of the last 8 years. Contracts must be finalized by this date and these homes must then close with in 60 days.

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 YTD. That number is 15% below the same period last year and 28% below 2007’s figures. In January there was 8.7 months of existing home inventory. That number has dropped to 4.6% in November.

Unlike some coastal & SW markets, Wichita has not seen a large increase in listings during our real estate downturn nor a huge drop in prices. While some markets in the last 5 years experienced 10% to 15% yearly increases in value of homes, The Wichita Markets were more in the 2% to 4% range.

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: 4-5 months of inventory is considered a stable market.

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

Where we need good listings: Below $120,000. This price range is very busy and should continue that way until April 30,1010 when the extended 1st Time buyer’s Tax Credit will expire.

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 for Beechcraft and LearJet.

Interest rates for 30 year fixed rate loans dropped to 4.75% in November. This was the lowest rates in 33 years. Rates at the end of December, 2009 were 5 to 5.25% for 30 year fixed rate loans. 15 year fixed rate loans were 4.75%. One year ago rates were slightly above 6% and are projected to go back to those levels by the end of 2010.

The Wichita metro market we will see in 2010 will probably look a lot like the market we saw in 2009. Unemployment will stabilize by Spring 2010 and buyers with jobs will realize that this Spring may be the best time in years to buy that new home. (Low rates, lots of inventory and good prices) We do not expect home sales to be at the 2007 levels again till 2012-13 when the local employment picture should be back to the 4% range.

Financing for personal residences is widely available. Financing for small business is not. Forget the 0% down loans. FHA will be the best way to go for minimum, up-front cash investment. Appraisals’ will be a little tighter as lenders try to protect themselves from bad loans.

Wayne “SHORTY” Short, Broker/owner
10100 W. Maple
Wichita, KS 67209
316-554-2831
Wayne.short@remax.net
www.move2ks.com

Marketing your home

2009-12-23T15:52:00.000-08:00

Call Wayne Short with RE/MAX Realty Professionals to sell your home...316-554-2831

Wichita, KS real estate update for November, 2009

2009-12-18T12:07:00.000-08:00

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.

Youthville of Wichita, Kansas fund raising

2009-12-13T14:14:00.000-08:00

We spent a great day at the Wichita Mustangs indoor practice field in an effort to raise money and supplies for Youthville of Wichita, KS. Visitors to the event brought a donation or supplies to help the kids at Youthville. Attendees received refreshments and were able to do crafts and visit and have their picture taken with Santa. Their were several sponsors including KRZZ, Quicktrip, the Mustang Softball team and RE/MAX Realty Professionals. Thanks to all that attended and those who gave monies and donations.

Wichita updates.....

2009-12-05T12:33:00.001-08:00

Wichita, KS Updates

Wichita, KS was selected to host the 2011 Junior Olympics. For 6 days in the summer of 2011 over 6,500 student athletes will be in Wichita for 6 days. The economic impact for the area will approach 15 Million dollars.

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Wichita was recently ranked by Forbes #6 in the “Bang-for-Buck” survey. Wichita ranks high for real estate values, low property taxes and commute times. Jobs and salaries were also considered in the ranking.

The new downtown Intrust Arena is making a big splash with a number of concert announcements for the first few months of 2010. Already Brad Paisley, Billy Joel & Elton John, Bon Jovi and Taylor Swift have been booked. Taylor Swift’s tickets were sold out in minutes leaving many young fans disappointed. American Express is sponsoring the tour and card holders at first chance at the tickets.

The downtown Arena was funded by a ½ cent increase to the sales tax for 3 years. The Arena and some operating costs were fully paid for before start of construction. The Grand opening will be later this month.

Wichita, KS economic update

2009-12-05T08:07:00.000-08:00

Freddie Mac, one of the largest buyers of home loans, said that the average 30 year fixed rate loan fell to the lowest rate, 4.71%, since they have kept records starting in 1971. Quotes today in Wichita were 4.875 to 5% for 30 year, fixed rate loans.

The unemployment #’s for last week were the best in 2 years. New claims were only 11,000 compared to 721,000 last January. Over time worked and take home pay was also up. Rates normally will rise a bit if these factors continue for a couple of months.

1st time buyers have until April 30 to be fully under contract and be eligible for up to an $8,000 Tax credit (a dollar for dollar reduction in your tax bill). Existing owners can get up to a $6,500 tax credit if they have owned a primary residence 5 of the last 8 years. There is a cap of $800,000 for the price of a home you will buy plus an income limit for single and married buyers.

Wichita real estate prices and total closings rose for October closings over the value of September, 2009 closings. YTD business was down 18% from 2008. The Wichita market should be bottoming out over the next couple of months and with these historic rates this may be the best time in years to buy a home.

Call “SHORTY” at 316-554-2831 for more real estate information……or to find that next home.

YTD MLS Stats for the Wichita,KS Metro area, 2009

2009-11-23T11:55:00.001-08:00

November, 2009 MLS activity
Report for the Wichita, KS Metro area

November 11, 2009 WAAR reported October home sales for the Wichita Metro area.
Existing home sales/closings increased 11% over the previous month and were up 1% over October, 2008. The median sales price of homes in October was 1.9% above the October, 2008 figure.

New home sales were up 8% compared to the previous month of September, 2009.
Existing home inventory was down relative to September, 2009 but was 3.4% higher than a year ago. New home inventory is 24.1% from a year ago.

YTD sales are down 18% compared to the same period in 2008 and down 30% compared to the same period in 2007.

YTD average sales price of existing homes was $120,222 and new homes was $241,497. Average days on the market for all existing homes in all areas and price ranges were 64 days at 96.69% of last list price. YTD over 7,000 homes have been sold in the Wichita metro area.

Absorption rates of homes or
Months of inventory in specific price ranges

There is a large variance in inventory levels and absorption rates at various price points. The lower price points are showing a buyer’s market with limited inventory of quality homes. The mid price points appear to be balanced and the mid-upper and upper price ranges have a surplus of homes on the market and this is defiantly a buyer’s market.

Price range Months of inventory based on October, 2009 closings

Under $100,000 1.83 months of homes
$100,000 to $139,999 2.96 months
$140,000 to $199,999 4.86 months
$200,000 to $299,999 8.15 months
$300,000 to $499,999 11.97 month
$500,000 to $999,999 34 months
$1,000,000 and up 29 months

Wichita, Kansas city update

2009-11-20T15:55:00.001-08:00

Wichita is a top SALAD City
Hold the steak. A study by the world's largest producer of fresh salad suggests that Wichita residents may actually prefer salad.
The internal study, conducted by Dole Fresh Vegetables, ranked Wichita among the top salad markets in the United States. This means that local residents eat more salad per person than their counterparts in other U.S. cities, have the potential to eat more salad and/or are more likely to try new salad blends, experiment with salad and salad ingredients in the kitchen or serve salad as a meal.
Dole Fresh Vegetables is a subsidiary of Dole Food Company, Inc., the world's largest producer of fresh fruits and vegetables. The exhaustive, 18-month research effort, part of the company's re-launch of its reinvented DOLE Salads line, surveyed the in-store buying habits and in-home consumption trends of prepackaged salad consumers throughout the United States and Canada.
"Despite its reputation for meat and potatoes, Wichita is among the most sophisticated salad markets in the country and home to an increasing number of salad lovers," explained Russell Evans, senior brand manager for Dole Fresh Vegetables.
"Our research found that salad consumers here are much more likely to use salad as a meal or as the basis for creative new lunch and dinner entrees. From a salad standpoint, Wichita is a trendsetter."
Reported by the Wichita Eagle and local news stations

Boeing Wins Appeal on Tanker Repairs

A federal court has reversed a ruling that overturned Boeing Co.’s (NYSE: BA) $1.1 billion contract for maintenance of an Air Force refueling tanker jet.
Boeing is the Chicago-based parent company of Boeing Integrated Defense Systems, which has a facility in Wichita that employs 2,700 workers.
The U.S. Court of Appeals for the Federal Circuit’s ruling Tuesday overturns a 2008 decision by the U.S. Court of Federal Claims and reinstates Chicago-based Boeing’s 10-year contract for work on the 50-year-old fleet of KC-135 tankers. Competitor Alabama Aircraft Industries Inc. of Birmingham, Ala., had filed suit, alleging the contract was not properly awarded to Boeing and citing issues involving pricing and past performance.
The federal appeals court addressed the issue of the age of the KC-135 planes, which were originally built in Renton more than 50 years ago. The trial court had said the Air Force should have explicitly addressed the age issue of the planes in its request for proposals, but the federal appeals court disagreed.
“There can be little doubt that, since those aircraft first went into service decades ago, both the Air Force and the potential bidders were aware that the KC-135 tanker fleet was aging,” according to the federal court decision.
Boeing was awarded the maintenance contract in September 2007, and the aerospace giant has been awarded similar contracts for nearly a decade.
McConnell Air Force Base in Wichita is home to 48 KC-135 tankers of the 22nd Air Refueling Wing.
Article from the Wichita Business Journal

Wichita posts increase in home sales.

For the first time in more than two years, Wichita saw an increase in home sales during October. They were also 10% higher than September of this year.
Sales were up 2 percent over the same month a year ago.
According to data from the Wichita Area Association of Realtors, 840 homes sold during the month, up from 822 during October 2008. It’s the first time since August 2007 that home sales in the metro posted a year-to-year increase.
Existing home sales increased to 746, from 708 a year ago. Ninety-four new homes sold, down from 114 a year ago. YTD sales are down 18% and 30% from two years ago. The # of active listings were up 3% from one year ago but have remained stable. Homes below $140,000 are the ones selling with less than 2 months of inventory. Homes between $200,000 and $500,000 average 10 months of inventory. Homes over $1,000,000 average over 2 ½ years of Inventory.
Local real estate executives and agents have said the market has been helped by the first-time homebuyer tax credit, an $8,000 incentive that has sparked sales in the lower price ranges.
The credit was slated to end in Dec. 1, sparking a push to get home sales done by the deadline. But the credit has been extended and now applies to a broader group of buyers including existing home owners who have owned their present residence more than five years.

Wichita Jobless rate drops

The Wichita jobless rate dropped to 7.9% in October according to the Kansas Department of labor. The jobless rate in Wichita hit 10% in July, the highest rate in ten years. The jobless rate in Kansas was 6.4% compared to 10.2% in the U.S.

There were 1,400 more Wichitan’s working compared to September and the number of unemployed dropped by around 2,100 workers. Two years ago the unemployment rate was 3.6% and one year ago it was 6%.

Extension of Tax credit for home buyers

2009-11-08T14:14:00.000-08:00

Congress just passed and the President signed an extension to the 1st time buyers tax credit. Basic information: Buyers have till 4-30-10 to go under contract on a desired property and must close with in 60 days of 4-30-10. Some pay back protection for service personnel that get transferred. Up to a $6,500 credit for buyers who have owned a principal residence for more than 5 years and are buying another one.

Call me at 316-554-2831 for additional information.

3rd Quarter, 2009 Sales data for Wichita,KS

2009-10-16T14:23:00.001-07:00

3rd Quarter report for Real Estate sales
Wichita, KS Metro area.

There are approximately 1902 Realtors. Only 455 Realtors did at least 9 sales so far this year or at least one sale per month. Approximately 75% of the MLS Realtors did not have at least one sale a month, the minimum to survive as a real estate agent. Kirk and I have sold close to 50 residential homes so far this year.

517 Realtors or 27% of all MLS participants
did not have any sales in the first 9 months of 2009.

There has been a reduction of approximately 243 agents (12%) since the fall of 2008, now 1784 WAAR voting members.

Existing home sales decreased 10% August to September, 2009. YTD sales are down 21% from 2008 levels and 32% from 2007 levels. The median sales price of existing homes in September decreased 2% on a year over year basis.

New home sales decreased in September to 87 units, which represent a 13.9% decrease compared to the previous month.

New and existing home inventory combined was 4,047 homes this month compared to 4,105 last month representing a 1.4% decrease in the past month. One year ago the combined inventory was 4,069, which represents 0.5% decrease in total inventory over the last year. Total months of inventory for existing homes increased from 4.7 months to 5.3 months based on September, 2009 sales.

YTD the average sales price of a existing home was $120,403 with an average sales time of 65 days and selling at 96.68% of the final list price.

Inventory levels based on Sept., 2009 sales figures.

$0 to $99,999 price equals 4.2 months of inventory
$100,00 to $139,999 has 3.71 months of inventory
$140,000 to $199,999 has 5.55 months of inventory
$200,000 to $299,999 has 10.73 months of inventory
$300,000 to $499,900 has 14.35 months of inventory
Only one sale above $500,000 in September and there are 130 homes for sale in the price range.

2009-09-28T08:37:00.001-07:00

August, 2009 MLS report
From
W.A.A.R for the
South Central Kansas MLS

YTD closings in August, 2009 were down 16% from August 2009. YTD closings for January through August are down 22% from 2008 levels. YTD closings are down 40% from 2006 levels.

Listings YTD for 2008 are down 4% compared to new listings from January to August, 2008. Total existing homes on the market are up 4% compared to August, 2008.

New home inventories are down 24% compared to August, 2008.

The average sold price of an existing home in August was $122,823 and the Average home sold at 96.95% of the last asking price.

We are starting to see more standing inventory of existing homes in the higher price ranges.

$0 to 119,999 showed 4.24 months of inventory with 1701 homes available based on August, 2009 closings.
$120,000 to 159,999 had 724 homes and 3.48 months of inventory
$160,000 to 199,999 had 536 homes and 5.47 months of inventory
$200,000 to 299,999 had 655 homes and 6.01 months of inventory
$300,000 to 499,999 had 377 homes and 13.46 months of inventory
$500,000 and up had 136 homes and 19.43 months of inventory

Wichita was just ranked the 10th best priced real estate market in the nation in one poll and one of the most affordable markets in the U.S. in another.

Sedgwick County was ranked the lowest in tax burden of the 7 most populas counties in Kansas. Kansas was ranked as a state with lower than average tax rates.

Stan Longhofer, director of the WSU Center for Real Estate recently spoke to a meeting of real estate brokers at the Kansas Realtors convention. He says the local real estate market is stabilizing but do not expect a rapid increase in sales. He does say an extension of the 1st Time buyers Tax Credit could have a pump-priming effect on the local market. He also said the Wichita and Kansas City markets inventories of homes remained well below national levels. He does not expect any substantial declines in real estate activity but the recovery will be slow.

2009-09-18T09:18:00.000-07:00

Wichita, KS Economic Update
September, 2009

The unemployment rate dropped in August for the 1st time in 2009. The revised rate for Wichita in June was 10% and it has dropped to 8.9% in August. The rate in Kansas was 7.1% and the lowest rate in the state was for Manhattan at 4.1%.

RealtyTrac has reported that 1 in 347 homes received a foreclosure filing in August.

Option ARM loans are the next big worry for the economy starting in the next few months. The mortgages differ from other ARMs by offering an option to pay only the interest each month or a low minimum payment that leads to a rising balance in the loan's principal. When the balance of the loan reaches a certain level or the mortgage hits a specific date, the borrower must begin making full payments to cover the new amount. The majority of these loans were taken out by borrowers who could qualify for regular conventional loans and many loans tend to be on more expensive homes. In many cases the borrower could choose the payment they wanted, often $100’s per month below what the payment should be.
Because the new monthly payments can be five or 10 times what borrowers are accustomed to paying, they threaten a much greater hit to the consumer than the subprime loans which were often extended to less credit-worthy borrowers.
Tanker Contract: Round three…….
For the 3rd time the defense department is expected to put up for bid a $35 Billion dollar contract for the new-generation USAF refueling tankers. Boeing will submit a bid based either on the 767 or 777 airplane. The other main bidder will be Northrop Grumman in partnership with Airbus. Wichita Boeing is hoping to do the modification work which would create 300-500 jobs plus another 500 jobs by local contractors. The request for bids should happen in the next two weeks.
Wichita real estate #’s will be released in a few days but appear to be 15% below last years level. YTD sales to July were down 25% from 2008 numbers. Nationally, August sales matched 2008 sales and in many depressed markets were up dramatically. The $8,000 1st time buyer’s credit will end the 30th of November, 2009. There is a push in Washington to extend the program and possibly make in available to any one buying a residential, owner-occupied home. There is only a 60% chance this will probably happen and then only if it can be done with out increasing the deficit.

2009-09-09T15:00:00.001-07:00

Wichita Economic update
September, 2009

The new double deck terminal for Wichita Mid Continent Airport will cost $150,000,000. Bids will be let this fall. No local taxpayer funds will be used for this project. The terminal will be built just west of the present terminal.

International air travel has been serious hurt by the global economic recession. Air travel for 2009 will be down 6 to 8% globally and is not expected to return to normal levels until 2011. China and India are the exceptions to these downturns and travel is expected to be up 4% in 2009 and 6% in 2010. Asia will surpass North America in the next 20 years as the largest air travel market. Locally, air travel has been steady but the local aircraft plants have laid off 40% to 50% of their workers and the local unemployment rate has climbed from 4.7% in November, 2008 to 10.2 % in August, 2009. No improvement in hiring or the unemployment rate is expected till later next year.

Phil Ruffin, Owner of the Wichita Greyhound Park, has submitted a plan to the Kansas gaming commission to re-open the park if he can have additional gambling with slots. Ruffin wants the state to amend the current gaming law to allow more profit for the Tracks that have racing and slots. Additionally, voters of Sedgwick County (Wichita area) would have to approve slots for the Wichita track. The track was previously closed in 2007 when slots at the track were defeated by the local voters in an extremely close vote where they also did not vote for a state owned casino in the county. A casino has now been approved just south of Sedgwick County at the Mulvane exit in Summer County.

The Kansas City Chiefs foot ball team was recently ranked as the 14th most valuable NFL Franchise at a little over $1 billion. The Dallas Cowboys were the most valuable team and the Oakland raiders were the least valuable.

Ranking for National Real Estate Franchises for sales in 2008 has been released.

In 2008 RE/MAX agents led the nation in unit and volume sales. RE/MAX agents sold 21% more than Coldwell banker agents, 46% more than C-21 agents, 57% more than Keller Williams’ agents, 60% more than Prudential agents, 85% more than ERA agents, 89% more than Realty Executive agents and 91% more than GMAC agents.

Wichita busines updte, August, 2009

2009-08-27T10:43:00.000-07:00

Wichita, KS Business Update
August 27, 2009

Wichita Aquifer Project:

Wichita, KS is making sure it’s water supply stay available for future growth by taking excess water from the Arkansas river, filtering it and pumping it back into the Equus beds aquifer to create plenty of product through 2050. The cost of the project will be around $400 million.

NCAA scouting out Wichita:

The NCAA is in town checking out the new 15,000 seat Intrust arena in Downtown Wichita. Wichita has bid on tournament games for 2011, 2012 and 2013. NCAA official are checking out the arena, parking, hotels and other services for future events. It has been fifteen years since Wichita hosted a post season NCAA men’s basketball game.

Wichita rated top 10 City in finding jobs:

U.S. News and World report rated Wichita one of the top ten cities in finding a job. Even though the unemployment rate has reached 10+% in the last few months the stable housing market, health care sector and U.S. Air Force base expansion justified the ranking. The downturn in the aviation sector was noted but the potential for a strong recovery signaled strong growth for the city and future jobs.

Wichita Real estate prices Stable.

Wichita home prices for the 1st half of 2009 were stable and slightly higher than the year before. Even though there were 25% less sales in the 1st half of 2009, Wichita was able to remain one of the few areas in country with out declining prices. While other markets went up 15% a year in values in previous years, Wichita’s values raised 2-4%. When the down turn hit the national price index fell almost 35% while Wichita still maintained a positive number.

Wichita real estate update, August 2009

2009-08-24T08:06:00.000-07:00

July, 2009 MLS & Economic Report
Wichita, KS

July, 2009 Home sales figures:

Existing home sales decreased 4.5% from June, 2009 totals. June sales had been up 20% over last May’s dismal figures. YTD home sales in the metro area are down 24% from 2008 totals as of the end of July. July, 2009 sales were down 16% compared to July 2008. #’s of new listing rose 3% in June compared to last year but were still down 5% YTD.

The number of existing homes on the market was slightly up compared to last month but was stable compared to a year ago.

New home sales were down 20% compared to June, 2009. New home inventories were slightly lower than a month ago and 14.9% lower than a year ago.

Over all inventory levels were 4.6 months. Lower priced homes tended to sell faster and for a high % of list price than more expensive homes.

Example of time on the market:

$119,000 and lower homes had 3.97 months of inventory based on July, 2009 sales #’s.
$160,000 to $179,999 homes had 4.8 months of inventory.
$200,000 to $249,999 homes had 6.71 months of inventory
$300,000 to $399,999 homes had 10.3 months of inventory
$500,000 to $749,999 homes had 13.6 months of inventory

Unemployment levels continue to climb in the metro area based on the slow down in the aviation sector. Sedgwick County had an unemployment rate of 10.2% in August, the metro area was 9.9% and this compared to a national rate of 9.4%. Last November, the area rate was 4.7%. Improvement in this area is not expected for 15-18 months.

1st Six Months, Real Estate Activity for Wichita, KS metro area

2009-07-25T11:40:00.000-07:00

The 1st 6 months, Wichita, KS metro area real estate activity

Existing home sales increased 20.9% over May 2009’s figures but were still down 10% from the same period in 2008.

New home closings were up 48% compared to a month ago. The median new home price in June was $196,998 compared to $215,400 a month ago.

Existing homes on the market rose by a little over 2% compared to a month ago. The total inventory of existing homes was only 1.5% higher than a year ago.

Builders are slowing building and more buyers’ interest in the market is further reducing the inventory levels to 5.5 months. Existing home inventories in all price ranges was 4.5 months.

June, 2009 absorption rates:

Under $119,900, 4+ months of Inventory
$120,000 to 179,900, 3.5 months of inventory
$180,000 to 299,900, 6.5 months of Inventory
$300,000 to 499,900, 7 months of inventory
Above $500,000, 12+ months of Inventory

YTD numbers for Existing homes:
Average days of the market, last listing: 67 all markets, only 48 days in west Wichita
Average % of list price: 96.54%, 97.84% in west Wichita
81% of all residential sales in the Wichita metro area were co-op sales.

2009-07-10T16:31:00.000-07:00

Wichita was just rated the #2 metro area out of the top 90 in the U.S. for the least commute time for residents and least traffic delays.

McConnell AFB has added 15 air refueling tankers to the 31 tankers already based in Wichita. By October, 48 tankers will be based in the "Air Capital". With the additional people, and projects being completed to support the new planes there will be a $500 million dollar a year impact for the metro area. The KC-135 tankers arrived from bases in North Dakota, California and Georgia. Wichita is now home to one of the largest tanker bases in the USAF.

Cessna has formally cancelled the Columbus Wide Body Business jet. They are paying back $10 million in bonds already given to them by the city and the county. Cessna will revisit the concept once the Business jet market returns.

There have been approximately 12,000 lay offs announced or completed in the last year in the Aviation sector in Wichita since last summer. These lay offs are projected to last 15-18 months before call backs start.

The new 15,000 seat downtown arena is being completed faster than planned. It may be finished 3 months a head of schedule. The arena was fully paid for by a 30 month 1/2 cent increase to the local sales tax.

May Home sale data for Wichita, KS

2009-06-17T14:44:00.001-07:00

Wichita, KS metro homes sales
For
May, 2009

The Wichita Area Association of Realtors and the South Central Kansas MLS have released data for May, 2009 reference Wichita, KS metro home sales figures.

Existing home sales increased 10.5% in May compared to sales in April, 2009. Existing home sales were up to 650 units from 588 units. Sales are down 26% from last year based on May, 2008 data. The median sales price of existing homes in May increased .9% compared to the month before. This data is contrary to most sales figures of the other top 100 real estate markets.

New home sales were also up in May over April of 2009. They increased by 2.5%.. The median price of homes sold in May was up to $215,400 compared to $196,310 in April, 2009. Total sales in may were down 7.8% compared to one year ago.

Total re-sale home inventory was up 5.4% compared to last month. Total inventory is .6% lower than one year ago. New home inventory decreased slightly from April’s data and was 7.7% below one year ago.

Existing sold homes averaged 69 days on the market for May sold properties. The average list to sell price was 96.3%.

Absorption rates for various price ranges: Months of Inventory

Under $120,000 4.67 Months
$120,000 to $180,000 4.44 Months
$180,000 to $250,000 8.56 Months
$250,000 to $400,000 9.4 Months
$400,000 to $750,000 8 Months

April, 2009 MLS sales update.

2009-05-21T14:01:00.000-07:00

April real estate update
For 2009

Sales figures are in and April’s sales were 9.1% higher than March. They were still 27.5% below 2008’s numbers. Average sales price of existing homes in April was $113,445. The existing inventory of homes remained relatively stable from March to April this year and to April, 2008 figures. Total existing listings available for sale are 10% below 2008 levels.

The new home inventory dropped 7.9% from March’s levels and was 7% below April, 2008’s level. Average sales price was $254,000.

Absorption rates:

Homes priced below $120,000 have 4.5 months of inventory.

There are 5.2 months of inventory in the $120,000 to $180,000 price range.

$180,000 to $249,900 price range of homes is 9.67 months of homes for sale, down from 12.75 months in March.

$150,000 to $399,999 price range has 11 months of inventory and anything above 400,000 has 3 years of inventory.

1st quarter, market update, 2009

2009-05-12T13:54:00.001-07:00

Real Estate market update
For
1st Quarter, 2009

Kansas ranked #36 out of the 50 states in lowest foreclosure rates for 2008 at 0.51%.

Wichita ranked #92 out of the top 100 markets in lowest foreclosure rates at 0.67%

Average sales prices for the Wichita MLS have increased each of the last two years. Only 31 of the top 162 metro markets had an increase from 2007 to 2008.

With just 46 agents in 2008, RE/MAX Realty Professionals was ranked #374 out of the top 600 real estate offices nationally. The company was also the top company in units sold out of the top 5 companies in total sales for 2008.

The average sales price for existing homes for the 1st quarter was $114,115. Average days on the market (last listing) were 71 days at 96.08% of final list price.

77% of all real estate sales in the metro area were co-op sales. (listing and seller agent work at different companies)

The average sales price of new homes for the 1st quarter of 2009 was $249,797.

In March of 2009, the number of closed transactions was 32.5 % lower than a year before. For the 1st quarter the reduction was 32%.

Sales are down 43% from three years ago, the busiest year of sales in Wichita. Total listings on the market are about the same as a year ago. New home inventories are down 6%.

Absorption rates for different price ranges:
$0 to $119,999 is 4.5 months, a very good number.
$120,000 to 179,900 is 6.4 months
$180,000 to $249,999 is 12.75 months. Anything over 4-6 months becomes a buyer’s market.
$250,000 $399,999 is 14.5 months
$400,000 to $749,999 is 17 months. Only 11 homes out of 189 sold in this price range in March, 2009.

Good and not-so Good news for the Wichita, KS area

2009-04-29T08:37:00.000-07:00

Good and not-so Good news for the Wichita, KS area
April, 2009

Peter Greenberg, the travel editor for “Today’s show” and the Newsmax Magazine, based in Florida, has named Wichita, KS the Number 1 city for Best American Values. Wichita ranked high in the following areas: Family friendliness, culture, wholesomeness, devotion to religion and community activities. Hospitality and friendly businesses came in next. We were rated lowest in scenic beauty (it is very flat here) and education (the new $300 million dollar bond issue) should help here.

Kansas City and Edmond, OK were the only other Midwest cities rated.

Investors are starting to re-enter the Wichita real estate market as they choose where to invest and ant a more stable market than stocks. Our team has defiantly seen this over the last two months as we sold 8 twin homes, 2 office builds and one strip center.

Kathleen Sabelius, KS Gov. was sworn in yesterday as Health and Human Services Secretary. Mark Parkinson the Lt. Gov. (a Republican turned Democrat) was sworn in as KS’s 45th Governor.

Siemens, a German Corporation, will decide this week if Hutchinson, KS (30 miles NW of Wichita) will be the home of its U.S. plant for building Wind Turbines.

Cessna Aircraft Company laid off 4,000 workers at the end of march and has just announced another 1,300 60 day notices to Wichita workers. Cessna is also suspending the building of a new plant for the $27 million Columbus business jet due to the erosion of the business jet market in the U.S. and overseas.

Wichita, KS is a highly ranked city.

2009-04-04T14:25:00.000-07:00

Wichita was a highly ranked city in 2008

Wichita, KS for most of 2008 outpaced the rest of the nation in the quality of its real estate market, job increases and local private and public building projects. The economy started catching up with Wichita in the 3rd quarter and buy the 1st quarter of 2009 lay-offs increased the local unemployment rate to 6% and there for slowed down real estate sales.

Before all that happened Wichita has received many accolades in 2008

U-haul ranked us the #1 city for inbound moves
Wichita is once again an All-American City Finalist
MSN.com ranked us one of the best cities to enjoy spring
One of top cities for Filmmakers to live
#11 in least congestion for the top 100 U.S. Cities
Veros Real Estate ranked us the #1 real estate market for 2008
Forbes.com ranked us the 2nd best city for jobs
Best city for bargain real estate by MSN
Wichita ranks high on wealth building survey by Salary.com.
Wichita, KS just ranked #6 on a survey of 69 cities for building personal wealth and Quality of life.
Wichita, KS just ranked #1 in MSN’s nine best, livable cities.
The cities had to have at least 500,000 population in the metro area. Wichita was ranked one of the most affordable in the Study. The high job growth, values of homes, quality of life, revitalization of the downtown and new Arena contributed to the ranking.

We are sure these ranking will fall in the next couple of years as Wichita recovers from the economic downturn but they are an indication of the inherent strength and desirability of Wichita and the Midwest.

Wichita, KS real estate and economic report

2009-04-03T08:21:00.000-07:00

1st Quarter, 2009
Real Estate & Economic report for the
Wichita, KS metro area

Another Round of lay offs in the aviation industry was announced this week in Wichita, KS. In addition, there will be two to three companies doing furloughs for two to three weeks this summer. Total lay offs in the Aviation industry announced or all ready done exceed 10,000 workers. This will be a total employment impact of 20,000 plus workers before the end of the year.

Before last fall, Wichita had seemed to be immune from the financial hardships of other areas of the country. But after 16 months of a recession, the negative job impact was bound to hit the local area.

Nationally, an upturn in the economy is projected in the 3rd to 4th quarter of 2009. Wichita will not see a local upturn until the following year. It’s just a reality that corporations do not go out and buy a $20,000,000 jet because they had one good quarter.

In contrast to what has happened in 2009, U-Haul has issued a report on metro areas that had more than 5,000 moves in or out. Wichita ranked #1 for % of inbound moves over outbound moves in 2008.
__________________________________________________

Wichita, MLS data for the 1st two months of 2009

Wichita closed sales for the 1st two months of 2009 were down 32% from last year. Last years sales for the entire year were down 16% from 2007 sales data.

Total listings on the market compared to last year is only up 2% and total new listings added to the market is actually down 3% but the dramatic decrease in sales has pushed up the months of inventory in most price ranges.

The average sales price for the 1st two months has dropped from last year but it’s in line with the previous two years. Average days on the market of sold properties was 71 days (does not take in to account previous listings of the same property) and average list to sale price was 95.85%. These numbers are basically the same as last year. A significant piece of data is the 779 sold existing homes in the 1st two months compared to the 1,965 new listings, 2.5 times as much. This may be a fore warning of things to come over the next few months.

The absorption rate on inventory has increased since last fall’s report.

There is 6 months of inventory below $120,000

8.25 months of inventory from $120,000 to $160,000

11.9 months of inventory from $160,000 to $200,000

20.25 months of inventory from $200,000 to $300,000

17.35 Months of inventory from $300,000 to $400,000

These inventory levels are based on sales for February, 2009 and total listings available.

mar., 2009, Economic update for Wichita, KS

2009-03-12T09:07:00.000-07:00

March 12, 2009
Wichita, KS Economic update

Wichita, KS city council members have voted to add another Bridge from the core area of Wichita to the Cities’ West side, the fastest growing area in the metro area. Presently there are only two accesses west and the new bridge will increase traffic flow by 50%.

Kansas will receive $1.75 billion of the federal stimulus package to rebuild roads, universities, help with education and the health care system.

Federal budget cuts could delay the replacing of the U.S.A.F.’s aging tanker fleet. A five year delay is being considered on the $100 billion dollar program that Boeing Military is bidding on. Should Boeing get the contract, all major modification of the aircraft will take place in Wichita.

A recent survey of area employers shows that 70% plan to no job cuts over the next three months. 15% of those surveyed plan to hire more employees and 11% plan to cut some employees.

Wichita, Kansas Real estate market update, 2-2009

2009-02-26T08:39:00.000-08:00

February, 2009 Market update
For
Wichita, KS

The Center for Real Estate at Wichita State University and the Wichita Board of Realtors reported sales activity for all of 2008 and January of 2009 this week.

Real estate sales forecast for 2009 shows existing home sales at around 7,500 units, 11% less than 2008. New home sales are expected to decline by 17% to 1,280 units. Building permits are also expected to decline 19% from 2008 levels.

No rebound in sales levels are expected until the 4th quarter of 2009. This date could be extended depending on how long the current recession lasts.

Housing prices are expected to rise by 3.2% in 2009. New homes on the market has continued to slow and keep pace with the decreased demand for housing which has kept the market values in the Wichita metro area stable for the last 12 moths and is projected to do the same for 2009.

Home appreciation for 2008 was 1.5% even though the average sales price of existing homes rose by over 13%. Prices rose the 1st quarter of 2008 .2%, the 2nd quarter 1.3%, declined the 3rd quarter 2.2% and rose the 4th quarter 2.2% for an over all gain of 1.5%.

The January sales decline was more severe than expected. Sales in January, 2009 declined 35% compared to December, 2008. New home sales declined 45% for the same period. It appears home buyers were setting on the side lines waiting to see what congress was planning with the stimulus package that was just passed. The $8,000 tax credit for 1st time buyers (no pay back required) and the continued low interest rates should get buyers back into the market. Of course, this all depends on additional lay-off notices that may still be issued by local industry.

Good news in the local foreclosure rates
And
State and city rankings.

Kansas ranked 36th in the nation in foreclosures for 2008. Kansas real estate prices never had the explosive growth over the last 5 years as did other areas in the country. So prices may have stabilized but have not fallen as they have in most of the country. Only ½% of all properties in Kansas are in foreclosure. Compare this to 4.5% in Florida, 4.5% in Arizona, 4% in California and 7.3% in Nevada.

Wichita, KS ranked 92nd among the top 100 metro markets in the U.S. in foreclosures. There were 1,698 properties with filings. This was .67% of all properties in the city. This low rate was 156% higher than the year before however and may show a and upward trend for 2009

$8,000, 1st time Buyer's tax credit

2009-02-24T13:26:00.000-08:00

Taking advantage of the new
$8,000, 1st Time buyers Tax Credit.

How would you like to own a new home for free?

Let’s say you are a renter paying $950 a month to rent a small home. I can sell you a $110,000 home with payments $125 below what you are paying for rent, give you a tax deduction on the interest and taxes you are paying and reimburse you your initial down payment and closing costs.

How is this possible?

The federal government is giving 1st time buyers or folks who have not claimed a MTG interest deduction for the last three years up to $8.000 off of the taxes they owe or will give them a refund for the difference if they owe less than Tax credit. 1st time buyers can deduct 10% of the purchase price of a new home up to $8,000 from their tax obligation.

Let’s say you bought a $110,000 home. Total down payment and closing costs on a FHA fixed rate loan would be around $7,000. The Tax credit to you would be $8,000 or $1,000 more than it cost you to buy the home. Payments would be at least $125 less than renting the same home plus you get additional tax deductions for the taxes and interest paid. Over $3,000 back the 1st year over costs paid.

Don’t want to wait till next year for the tax credit? Have your employer increase the amount of deductions you claim and get the money back each month for the 1st year.

Additional questions: Call me at 316-554-2831 or visit my web site at www.realtor-shorty.com

January, 2009 Wichita housing update.

2009-01-24T08:11:00.000-08:00

Wichita housing and economic update

Kansas ranked 6th in the nation for new jobs in 2008. Only 14 of the 50 states had an increase in total jobs with the majority being located in the central United States. Texas had the largest increase in jobs surpassing all increases in the other 13 states.

Unemployment in November was 4.7% in the Wichita metro area. This rate is well below the national unemployment rate and well below the 2003 unemployment rate of 8.3% in 2003 caused by the 9/11 terrorist strike and subsequent reduction in commercial aircraft orders. The recent announcement of up to 2,000 additional layoffs should not have a serious impact on home sales in 2009 because Wichita consumers backed away from purchases in 2008, 16% below 2007 levels. These sales levels were lower than they should have been and were caused by a lack of confidence in the economy. Fortunately, in Wichita, listings were down 13% which caused the local market to remain balanced between sales and homes on the market. In fact, the average price of homes sold rose by over 10% in 2008 compared to 2007. The medium price rose by 5%. This increase was mostly caused by the inability of low end buyers to find cheap-minimum down loans rather than an over all increase in Wichita home values.

Home foreclosures rose 12% in 2008 but the Wichita, KS market remains well below levels in most other cities and states. Kansas had only 1.6 % of homes in foreclosure compared to 2.97% nationally. Wichita never had the huge increases in prices as other areas did nor were there excessive subprime mortgages used in the local area. In 2005 there were only 1,618 foreclosures in Sedgwick County. There were 2,066 in 2008.

2008 Wichita, KS MLS Statistics

2009-01-22T10:25:00.001-08:00

2008 MLS Stats for the Wichita, KS Metro area

The Wichita, KS metro area survived the 2008 housing meltdown better than most real estate markets. Home values in the 1st half were up 3.5% and were relatively flat for the 2nd half. The overall market in units sold declined 16% from the previous year which was the 2nd best year on record for the area. Volume sold for existing homes declined 13% but was the 2nd best year on record. New home sales were 1561 units which was the lowest since 2001.

The market was able to maintain a stable presence because new & existing listing added to the market actually declined 13%. This stabilized the market. Average days on the market of existing homes were 63 days and the average sold to list price was 96.74% for the 4 county areas. The number of existing homes for sale at the end of 2008 was 10% lower than 2007.

Surprisingly the Average sales price of existing homes rose 13% to $133,262. Median prices rose 5%. The average new home sold rose 10% in price. This does not mean all prices rose this amount but that folks were just buying more expensive homes. The large increase in existing homes had more to do with the elimination of sub-prime loans, larger down payment requirements and credit score levels.

Over 3/4ths of all existing sales were co-op and 2/3rds of new home sales were co-ops.

Absorption rates for existing single family homes at the end of 2008.

There was 4.5 months of inventory for homes under $100,000.
There was 4.7 months of inventory in the $100,000 to $159,999 range
There was 7.8 months of inventory in the $160,000 to $199,999 range.
There was 9.2 months of inventory in the $200,000 to $299,999 range
There was 9.8 months of inventory in the $300,000 to $499,999 range
There was 16 months of inventory in the ½ million plus range.

Wichita, KS real estate update for 2008

2009-01-19T15:43:00.000-08:00

Real Estate Update for 2008

2003 thru 2007, Wichita‘s average increase in home values rose 15.2%. 2008 values rose 3+% the first half of the year and were stable the second half. The Wichita, Kansas metro area was only one of 5 to 6 areas out of the top 100 metro areas that showed an increase in home values for 2008. There were areas in Florida, Arizona and Nevada that showed as much as a 30% drop in values during the same period.

Wichita real estate sales were down roughly 18% in 2008 compared to 2007 but a similar reduction in listing for sale tempered the reduction and created a balanced market for the metro area. 2008 sales were similar to 2003 sales which at that time was a record for the metro area.

The national unemployment rate has passed 7.2% and is projected to go close to 10% before the stimulus packages before congress take effect. Wichita’s rate is 2/3rd’s the national rate even with the latest round of lay offs in the aviation sector.

Interest rates have reached a 37 year low the end of 2008 and January, 2009. 30 year fixed rate mortgages can be found in the 4.875 to 5% range with no points or origination fees. Now is an excellent time to refinance your home or possibly buy that new home.

Below is an example of what these lower rates mean to you:

Original loan of $150,000 at 6.75% shows a P&I payment of $972.90.
Refinance at 4.875% the same $150,000 loan and get a $793.81 payment.
That’s almost a $175 monthly savings you can apply to the principal, pay off high interest rate credit cards or for the same original payment, buy a $33,500 higher priced home.

Final sales results have come in for 2008 and all the RE/MAX brokers in Wichita were again #1 in Listings sold for 2008 and #2 for total sales. RE/MAX Realty Professionals two offices were #1 in units sold per agent of the top 5 companies in total sales. All the RE/MAX Realtors were #1 in units sold per agent of all real estate brands. The two offices of RE/MAX Realty Professionals were #5 in the city in total sales last year and did this with 48 agents. The 4 companies who out produced us averaged 188 agents.

2008 board and agent Production stats
For the South Kansas MLS

The Wichita Board of Realtors ended the year with approximately 1769 agents and the South Kansas MLS finished with 1880 agents. Two years ago there were approximately 2300 MLS agents.

1880 agents in the MLS at the end of 2008. The year started with about 200 more.

1596 agents had at least one sale in 2008

677 agents or 35% had 2 or less sales.

Only 798 agents (42%) had at least a sale ever other month.

There were 20086 units sold by the 1880 agents, or an average of 10.86 sales per agent based on the end of the year #’s. Units sold are sides of the transaction.

The top 5% of the agents did 4681 units sold, 23% of the total. The average units sold per agent was 24.9.

The top 10% of the agents did 7410 units sold, 37% of the total. The average units sold per agent was 19.7.

Wichita, KS MLS Stats for October, 2008

2008-12-10T15:21:00.000-08:00

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

2008-12-05T15:16:00.000-08:00

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

Wichita, KS real estate and jobs update for November, 2008

2008-11-30T12:57:00.000-08:00

Wichita, KS employers (mostly aviation companies) have announced 1,500 proposed Lay-offs for the next few months. The majority of these companies are taking a pro-active approach to tightening up their staff in the chance that they will have fewer sales in the next year and may lose some of the record orders they now have. Another view was giving the companies an opportunity to get rid of some Dead Wood ( weak employees) that they no longer needed.

Because of these lay offs and the down turn in the national economy, Wichita State university has revised their 2009 Jobs forecast downward but at the same time they are still projecting an increase in jobs for 2009. The projection now is 1,650 additional jobs with half being in the aviation field.

The WSU leading index has declined but stil remains only slightly below it's all time high of 128. The index signals change to the Wichita economy six months in the future.

Existing home sales fell by 9% in October in the Midwest. The median price fell by 6.7% to $149,400. The Average home price fell in all 9 major cities tracked by the index but rose in two smaller cites; Wichita, KS and Omaha, NE. The report showed a 10% increase in the average sales price in Wichita to $127,000. Part of the reason for this large increase was the lessor numbers on buyers in the lower price ranges and the very stable market that Wichita has had over the last 5-7 years. Wichita prices in the preceding 5 years went up only 15.3% compared to double digit gains every month in many parts of the country. Over all sales are down in Wichita approaching the 20% range but the dramatic drop in interest rates just before Thanksgiving may reverse this trend.

Top U.S. Housing Markets

2008-11-25T10:19:00.000-08:00

STRONGEST HOUSING MARKETS

National Association of Realtors strongest housing markets, by price appreciation, for third quarter 2008:
City Median price % change
1. Elmira, N.Y. $105,000 +12.5%
2. Decatur, Ill. $83,400 +8.7%
3. Bloomington, Ill. $168,400 +8.1%
4. Wichita $125,300 +5.5%
5. Tulsa $139,800 +5.1%
6. Amarillo, Texas $128,300 +4.2%
6. Trenton, N.J. $342,500 +4.2%
8. New Orleans $166,800 +4.1%
9. Charleston, W.Va. $127,700 +3.5%
10. Buffalo, N.Y. $114,200 +3.2%

Source: National Association of Realtors

Steady but slow appreciation is the hallmark of the Wichita, KS metro housing market which in the 3rd quarter of 2008, propelled it to the fourth-best market in the United States in Average home appreciation.

The Strongest price gains were affordable markets with healthy economies. A number of Mid-American cities meet these criteria.

Sales are down in the Wichita area but that is tempered by an equal drop in active properties on the market.

Foreclosures and "Short" sales

2008-11-23T11:56:00.000-08:00

November 20, 2008 Meeting with
Regional VP of Countrywide Home Loans and staff.

The following is notes and observations from a very frank meeting about the economy, short sales and foreclosures with representatives of the Mortgage industry, Title officers and top Wichita real estate agents.

90% of all foreclosures were caused by job loss, divorce and health issues.

The Huge LTV loans gave no wiggle room to borrowers when they got in trouble.

90% of all requests for short sales have at least one issue of Fraud connected to them. This is why the lenders are taking so long to approve these cases. Most lenders will wait till the loan is in default at least 90 days before taking any action. 50% of lenders will not process short sales at all.

8 out of 10 short sales that are written will not close. It takes from 2-6 months to do a short sale if only one lender is involved, double that time if there is a 2nd or 3rd lien against the property.

Prior to 1960 only 4% of all loans were by investors. From 1960 to 2000 that number doubled, in the next 6 years it doubled again. Now the number is approaching 26%.

1.5 trillion has been invested by foreign investors to buy homes in the U.S.

Immigrant buyers have some of the lowest default ratios of home loans.

The greatest defaults in home loans are loans issued in the last two years.

Sub Prime loans were originally started as a way for less the qualified buyers to own real estate. It was thought that after they cleaned up their credit that they would re-finance the loans to “A” paper loans. In fact less than 5% of these loans were ever upgraded. Maybe if a person has a poor payment history, this does not change with time…..

Buy and Bail: This was a practice where a person knew they could not sell a home or were so upside down that they would have a huge loss if they did sale. The buyer bought a new home in their local market or where they were transferred to and leased their present home. Once the loan closed on their new home they stopped making payments on the old home and let it go back to the bank. There were a number of web sites promoting this along with some mortgage lenders and Realtors. Now the new lenders will not count as income the lease payment on the old home.

40% of all sales in the U.S. in the past few months have been of Foreclosed or “Short” sale home.

Over 1 trillion in homes value has been lost in the last year. 2.6 trillion in stock values just since the Presidential election.

Good news: Wichita, KS has the 4th best value increase of homes in the United States so far in 2008 with average values going up from $118,800 to $125,300. We did not have a housing bubble. Average increase in values for the previous 5 years was 15.3%.

Bank of America and Countrywide have committed to a 8.5 billion re-write of home loans.

In the 1900’s most home loans were a 40% LTV, it took 50 years to go to a 52%LTV, 40 more years to go to a 89% LTV and 10 years to go to almost a 100% LTV. Now equity in the home….This is where the problem started.

Wichita, KS city and economic update

2008-11-14T12:03:00.000-08:00

Wichita, Economic and city update

The United Way of the Plains has raised its highest total of funds via pledges in the history of the Charity. Over $16,000,000 has been pledged to the United Way Campaign. This is another indication of the strength of the Wichita and Central Kansas economy.

Wichita teacher, Vanessa Martinez was one of 80 educators across the United States honored by the Milken Family Foundation as top educators and teachers for 2008. Martinez was awarded a check for $25,000 for her excellent work in an Elementary school.

The Wichita school system Bond Campaign passed during the November elections. Over $350 million was approved for improving schools, recreation facilities, swimming pools, tennis courts in the Wichita area. This bond issue is on top of a previous Quarter Million Bond issue that was passed over 6 years ago to improve schools and build new elementary and Secondary schools. Wichita schools will now be able to compete with the suburban school districts that had been the beneficiary of the growth in small towns and suburban areas adjacent to Wichita.

The Wichita Police department’s crackdown on gangs in the last couple of years is bearing fruit. Gang related homicides have dropped 40% from a year ago and aggravated assaults are down 31%. In the last year almost 200 gang members have been arrested and charged with over 360 crimes. Wichita police plan to continue the crackdown the rest of this year and in to 2009.

Economic data for the 1st week in November, 2008

2008-11-10T08:33:00.000-08:00

The Labor Department reported that 240,000 jobs were lost in October, which was worse than the expected loss of 200,000 jobs. In addition, the Unemployment Rate jumped to 6.5%, up from last month's read of 6.1% and reaching the highest unemployment rate since 1994. And if the current numbers weren't bad enough, there were heavy downward revisions to August and September numbers, which erased an additional 179,000 jobs. So far in 2008, a total of 1.18 million jobs have been lost, with 651,000 job losses coming in just the past three months. Look for things to get worse before they get better, as the unemployment rate will likely top 7% soon.
Friday's Jobs Report was brutal and would typically nudge the Fed to cut their benchmark rates in an effort to spur on the economy. But with the Fed Funds Rate already at 1%, the Fed doesn't have much more room to cut. This means that Stocks, which worsen on poor economic news, will likely continue to struggle as a result.
Speaking of rate cuts, the Bank of England, the European Central Bank and a few other countries central banks all lowered interest rates last week to help their economies. The good news is that these cuts should have a positive effect on the US Dollar - and therefore will also help Dollar denominated oil prices stay near present levels.
With some of the negative economic news, Bonds did manage a huge, three-day 160bp rally in the middle part of last week, and Bonds and home loan rates were able to hang on to much of this improvement on Friday. As a result, Bonds and home loan rates ended the week nearly .25% better than where they began.
THE WEEKEND IS THE PERFECT TIME TO ENJOY SPENDING SOME OF YOUR HARD EARNED MONEY, BUT DID YOU KNOW THAT A SAFE DEPOSIT BOX MAY NOT BE THE BEST PLACE TO STASH YOUR TREASURES AND VALUABLES? CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW TO LEARN MORE.
Forecast for the Week
Just like last week, Friday will again be this week's big day for economic reports, as the Retail Sales Report will be released. The Retail Sales Report is a measure of the total receipts of retail stores from samples representing all sizes and kinds of business in retail trade throughout the nation. This report is the most-timely indicator of broad consumer spending patterns, and given the current economic climate, it could be very ugly. Retailers are already anticipating one of the worst Christmas seasons in a long time, so it will be important to see where things currently stand as we head into the holidays. But the dismal retail situation could spell bargains for those who are still shopping.
Remember, when Bond prices move higher, home loan rates improve. And as you can see in the chart below, Bonds did enjoy a huge rally last week on the heels of heavy losses from a few weeks ago. I will continue to be watching closely to see if Bonds can break through overhead technical resistance and help home loan rates to continue improving.
Chart: Fannie Mae 6.0% Mortgage Bond (Friday Nov 07, 2008)
The Mortgage Market View...
Are Safe Deposit Boxes Actually Safe?
We all have important documents and valuables in our homes that we want to protect from theft and disaster. For many people, safe deposit boxes at banks provide a safe place to store those valuables outside of the home. After all, file cabinets and even fire-resistant cases in your house are still susceptible to intense fires, water damage, and even theft.
But, did you know that safe deposit boxes may be susceptible as well? In fact, during the attack on the World Trade Center and Hurricane Katrina hundreds of bank vaults were damaged or destroyed. Worse yet, valuables stored in a safe deposit box aren't insured by the bank if damage or theft occurs.
And if you use a safe deposit box to sock away cash for an emergency, you may be surprised to know that a safe deposit box isn't completely protected. Law enforcement officers can get a court order to raid your safe deposit box, and if the IRS ever freezes your assets, that freeze includes your cash and valuables in a safe deposit box.
All this doesn't mean that you should hide valuables and cash in your closet or drawer...but it does mean you should take precautions and specific steps to make sure your valuables are protected if you put them in a safe deposit box. If you have a safe deposit box or are considering getting one, the following steps can help you make sure your documents and valuables are protected:
Call your homeowners insurance company to make sure the contents are covered, especially when placing jewelry or collectibles of value in the safe deposit box.
Put important documents such as marriage licenses, car titles, insurance policies and family records in airtight plastic bags or sealed containers to help protect them from water damage.
Make copies of your important documents and store them at home or with your attorney, so you can access your information if something does happen to the originals. Remember, important legal documents such as wills and power of attorney documents should always stay with your attorney. You can place copies in your safe deposit box or keep them at home, if you want to have access to the information. But leave the originals at the attorney's office.
Make an inventory list of everything in your safe deposit box and keep the list in a safe place at home or in another location. You may even want to take pictures or a videotape of the contents just in case you need to show more proof if something happens.Finally, make sure you inform your family members and your attorney about your safe deposit box! Otherwise, the contents may revert to the state when you pass away.

Data was provided by my Loan officers, Mark Kincel and Denise Harley with Countrywide Home Loans in Wichita, KS. Denise can be reached at 316-554-2839

Wichita, KS real estate update

2008-10-30T08:58:00.000-07:00

The “Old Town” entertainment district in Downtown Wichita was just voted one of the “top ten neighborhoods” for revitalizing and cleaning up polluted areas in America’s cities.

The Wichita City council has approved $25 million in industrial revenue bonds to be used to purchase the Broadview hotel in down town Wichita and completely renovate the property down to its studs. The Hotel was purchased by the Drury hotel company and will be open for one year before closing for a year to completely renovate the property.

In October, 2008, Wichita was rated by the RE/MAX-AP report on U.S. Housing as one of the very few markets where the average sales price actually rose from the same period in 2007. The report showed a 3.5% gain in average prices in the Wichita metro area. Sales activity, however, was down over 18% from the previous year. DOM was virtually the same because housing inventories dropped around 15% during the same time period.

September, 2008, Wichita MLS information

2008-10-17T08:10:00.000-07:00

Wichita, KS metro Area
Real estate report, September, 2008

Existing home sales fell 15.6% from the same period in 2007. New home sales were down 15.1%. Total existing sales dropped from 831 to 701 units. Median # of days on the market increased slightly from 27 to 39 days. Average price remained stable at $105,000. New and existing home inventories remained stable in the Wichita market compared to the large increases nationally in real estate inventory.

Mortgage rates have risen ½ to ¾% over the last month but are still in the 6 to 6.5% range.

Next year the Wichita job market is expected to grow by over 6,000 jobs. That and the high occupancy and high rates for rentals & the stabilization of the credit and financial markets should substantially increase 2009 sales over 2008 sales.

October, 2008 Economic Update for the Wichita, KS MSA

2008-10-10T12:27:00.000-07:00

October, 2008 Economic Update for the
Wichita, KS MSA

Local plane makers at the NBAA convention in Orlando Florida are continuing to see orders grow for business jets made in Wichita. This year over 70% of all new jet orders have come from over seas. Cessna Aircraft has now over 900 Cessna Citation jets in Europe and is building their second service center in Spain.

Bombardier Learjet is expanding their production facilities in Wichita and Mexico because of the introduction of the Learjet 85. Bombardier will hire almost 100 new engineers for the Wichita facility and will hire an additional 500 to 750 employees in Wichita by 2015 when the program is in full production.

Flight Safety International will add an additional 250 to 320 jobs in the Wichita area as it adds more aircraft simulators to it’s Hawker Beechcraft, Learjet and Cessna Training centers. Flight Safety trains pilots and maintenance personnel from across the world in its Wichita centers. Flight Safety employs around 450 people now.

“Good News for the Local Economy”
The annual business forecast for the Wichita area was just completed and 2009’s job growth is projected at 6,100 new jobs in Wichita. Jobs in the Aircraft sector, education and healthcare, local government and the Professional and business services will be growing. Several factors contributed to the good report: The multibillion-dollar backlog of aircraft orders will keep tens of thousands of highly paid workers on the job, the steady appreciation in the local housing market and there is plenty of credit for local businesses

The “Old Town” entertainment district in Downtown Wichita was just voted one of the “top ten neighborhoods” for revitalizing and cleaning up polluted areas in America’s cities.

The Wichita City council has approved $25 million in industrial revenue bonds to be used to purchase the Broadview hotel in down town Wichita and completely renovate the property down to its studs. The Hotel was purchased by the Drury hotel company and will be open for one year before closing for a year to completely renovate the property.

Wichita real estate conditions.

2008-09-17T09:32:00.000-07:00

Wichita's real estate market is not near as bad as other cities and states but the slowdown has difinitely reached the "Air Capital".

August closings compared to August, 2007 were down 16.5% for existing homes but volume of sales was up 5.2%. New home sales were down 27.9% according to Wichita MLS data just released. YTD sales for new homes were down 11.9%.

The median sales price of Existing homes was up in August compared to a year ago and the WSU (Wichita State University) Center for Real Estate has projected a 4% rise in home values for 2008 and a 2+% for 2009.

The Center believes that a turn around in real estate sales will take place the 2nd quarter of 2009.

Milken Institute report raking Wichita, Kansas

2008-09-11T09:35:00.000-07:00

More Good Economic News for
Wichita, Kansas, September, 2008

The Milken Institute, A think Tank from California ranked Wichita, KS the 3rd fastest improving city in the country on it’s list of “Best Performing” cities in the country. Wichita’s rank overall improved from 114th to 45th of the top 200 large city markets. The Milken report looks at cities and ranks them for creating and keeping jobs in the area.

Wichita, Kansas ranked 12th in GDP growth (wealth building) and 12th in High tech GDP growth. The Aerospace industry, with it’s huge growth and continuing job openings, helped the city in this arena.

Wichita also ranked 11th in one-year wage growth and 23rd in one-year job growth.

Welcome to Wichita, Kansas

2008-09-03T11:27:00.000-07:00

Welcome to Wichita, Kansas

Wichita is the largest city in the state and was founded as a cattle town in the late 1800’s. In the early 1900’s Wichita evolved into the
“Air Capital” of the World building more general aviation aircraft than any other city.

Today Wichita is still builds more airplanes than any other city but is also a major agricultural center, Oil and gas producer and a regional medical center.

Wichita has 36 museums, 34 golf course, 35 art galleries and 24 other area attractions including the Sedgwick County Zoo (top 10 in the nation), Wichita Music Theatre, Wichita Symphony and the Wichita Grand Opera.

Wichita has a lot going for it:

Rated a Top Ten best Big city to live in by Money Magazine

Rated the most affordable city in the Midwest by Forbes

Rated the second most affordable city to visit by AAA

And finally, rated the 2nd best city in the nation for jobs by Forbes.

With over 5,000 jobs to be filled over the next couple of years, Wichita is looking for a few good men and women to move to the heartland.

January through July, 2008, Wichita MLS Statistics.

2008-09-02T12:16:00.000-07:00

January through July, 2008
Wichita MLS Statistics.

July closings were down from the same period in 2007 but not as bad as May and June. YTD stats showed a 14.2% decrease in the number of residential closings. July showed a 11.3% decrease from last year to 986 units. New residential listings were down 12.4% YTD which has continued to keep the market balanced and July’s new listings were down 13.3% from a year ago.

The total number of re-sale properties were 3,463 which was 1.5% less than a year ago. Active new homes on the market were 720, a reduction of 11.7% from a year ago. It appears the local builders are building less Spec. units and waiting on customs or build-to-suit orders.

The average price of an existing home closed in July was $138,629 and YTD was $123,724. Almost 74% of all existing homes sold in July were co-op’s with a different real estate company. The average price of a New home in the Wichita MLS for the 1st 7 months of 2008 was $235,258, double the price of an existing home.

Inventory levels in various price ranges are holding solid. There is 4 months of inventory under $120,000, 3.8 months $120,000 to $180,000, 4.8 months in the $180,000 to $300,000 price range, 4.7 months $300,000 to $500,000 and 9.1 months of inventory above $500,000. Only 14 homes or 1.4% of all existing sales in the Wichita MLS were above $500,000.

The two top zones for YTD, existing sales in the Wichita MLS were NE Wichita with 850 sales at an average price of $183,221 and Far West Wichita with 741 sales at an average price of $163,745. The lowest priced homes in Wichita were in SW Wichita averaging $71,456.

New aircraft Plant in Wichita, KS

2008-08-28T09:01:00.000-07:00

More good news for Wichita, KS

We previously heard this summer that Cessna Aircraft was going to build a finale assembly plant in Wichita for it's new Jet, the Columbus model. The Columbus intercontinental business jet will sell for $27,000,000. Spirit Aerospace who had been picked to build the fuselage and other major components has just announced that they will build that plant ( the size of 6 foot ball fields ) in east Wichita next to their existing plants. The plant will hire 700 additional workers and create 1,000 more jobs in the community. This Number is in addition to the Hundreds being hired by Cessna to do the final assembly in West Wichita. More than a billion dollars will be spent building new facilities and and developing the aircraft. The first flight is set for 2011 and delivers should start in 2014.

Wichita real estate update....

2008-08-22T08:24:00.000-07:00

August, 2008, Wichita, KS Real Estate Update

Wichita’s housing market is bucking the National trend in number of foreclosures. The national rate is 1.6% of all loans and the Wichita area is running at about ½ of the rate.

During July sales were 11.2% below last years levels (the 2nd best on record). That rate was twice as good as June’s levels when closings were 22.2% below June, 2007.

In August, MSN asked “Sperling’s Best Places” to do an analysis of cities above 500,000 populations and find the best cities for their “2008 MSN Real Estate Most Livable, Bargain markets”. Wichita, KS ranked #1 on their list. Wichita is one of the most affordable places in the study and some of the best Numbers in job growth and employment thanks to the boom in Agriculture & Ethanol, oil and gas production and employment needs in manufacturing.

Additional reasons given for Wichita’s # 1 ranking were short commute times, appreciation of home values, arts and entertainment areas, the new arena and the strong community feel of the metro area.

July, 2008 MLS update for the Wichita, KS metro area.

2008-08-19T13:18:00.000-07:00

From the WSU Center for Real Estate:

TOTAL YEAR-OVER-YEAR SALES (new & existing): In July, year-over-year (Y/Y) sales of Wichita-area single-family homes decreased by 11.5%, dropping from 1,112 sales in July 2007 to 984 sales last month. NEW HOME SALES: Sales of new single-family homes in Wichita continued to decline, but at a nominal rate. In July sales decreased by 2.8%, dropping from 143 sales in July 2007 to 139 sales last month.EXISTING HOME SALES: July sales of existing single-family homes in Wichita decreased by 12.8%, dropping from 969 sales in July 2007 to 845 sales last month.MEDIAN DOM (existing homes): In July, the median Days on Market (DOM) of existing homes rose slightly to 38 days. This puts last month close to the historical average, with the median DOM in July averaging 33 days over the last 10 years.

MEDIAN SALE PRICE (existing homes): For July, the median sale price of existing homes dipped slightly to $118,400, which follows the new highs that were reached in May and June of $114,900 and $120,825 (respectively). COMMENTARY: With Y/Y sales declining across the board, the rate of decline appears to be slowing. Even though “total” year-over-year sales having declined in July, the 11.5% decline reversed a trend of increasingly bad numbers, with declines of 22.2% in June, 19.8% in May, and 13.0% in April. In the “new” home market, sales were essentially flat, after two months of double digit declines. And, even though “existing” home sales were still in double-digit negative territory, the 12.8% decline in July reverses a four month trend of worsening numbers, with a significant improvement over the 23.8% decline seen in June. "Days on market" continues to remain relatively strong at 38 days.

A caveat about the median sale price: Even though we have recently seen new highs in the median price of homes sold, that number is not a good indicator of market-wide appreciation. Median sale price is also affected by the type of homes selling well at any given point in time. So, the higher numbers could also be an indication of there being more homes for sale in the higher price ranges. For a better measure of overall home price appreciation, please see the WSU Home Price Index: http://www.realestate.wichita.edu/draft/research/homeprice_Sedg_ann.asp.

Wichita, Kansas: Real estate activity for the 1st 1/2 of 2008

2008-08-02T09:57:00.000-07:00

MLS Market activity for the Wichita, KS metro area
Jan. 1, 2008 to June 30, 2008

The economic and real estate slowdown has reached the heartland and the Wichita, KS metro area. April, 2008 sales were down 11.5% from 2007. May sales were down 19.2% and June sales were down 22.3% compared to last years levels. YTD reductions in sales were 14.9% lower compared to the 1st 6 months of 2007.

Unlike other markets where sales are down and listings are up, Wichita area listings were down 16.7% in June and YTD listing are down 12.3% compared to the same periods in 2007.

Total active listings available for resale were down 1.6% from their 2007 levels. New home inventors were down 8.3% compared to the 1st six months of 2007.

What is causing this lower activity when Rentals are at an all-time high in occupancy levels and rental prices are higher than buying a comparable existing home?
1. New Wichita residents can not get their out-of-state homes sold
2. Appraisal requirements are stiffer.
3. Lender down payment and credit requirements are tougher
4. There are less brokers making loans
5. People were waiting on the Government’s stimulus package and loan rescue plan to be approved (it was last week).
6. The media’s constant campaign of negative news

The Wichita metro area is one of the few markets that is still experiencing an increase in values. Based on ending numbers from 2007 and compared to the 1st six months data for 2008, Wichita’s prices for existing homes increased on average 3% from $117,000 to over $120,000. New homes increased from a little over $211,000 at the end of 2007 to an average of $235,806 for the 1st six months of 2008; an increase of 11.5%.

Co-op homes make up over 74% of all sales in the Wichita metro area. Average Days on the market were 65 for the last listing of sold properties in the 1st ½ of 2008. Home owners averaged 97.09% of finale list price to sales price.

Sales data for selected price ranges for existing homes, June, 2008

Price range Active listings Sales months of product
Under $100,000 1534 344 4.5
$100,000 to $179,999 1402 396 3.5
$180,000 to $299,999 814 179 4.5
$300,000 to $499,999 351 66 5.3
$500,000 and up 126 17 7.5

66 Cities Where Buying Makes Sense
July, 2008: MSN just released a report on the 66 best cities in the United States to buy a home and expect equity increase between now and 2012.
Wichita, KS ranked #24 on the list in potential appreciation of a moderately priced home between 2008 and 2012. Potential increase in values for Wichita on a moderately priced home exceeded $52,000 by 2012.

July, 2007. Wichita State University reported that the Wichita area’s per capital personal income climbed above the U.S. average for the 1st time in 21 years.

Wichita, Kansas MLS data for may, 2008

2008-07-12T14:13:00.000-07:00

Wichita, KS Sales Figures for May, 2008

Real estate sales for May, 2008 compared to May, 2007 were down 19.8%. YTD sales were down 13.1% for the same period. While that may look bad on the surface, Listings were down 11.3% year-to-date and 17.5% May, 2008 compared to may, 2007 which kept the over all market balanced.

There was some surprising good news in the May, 2008 data. Days on the market (DOM) decreased to 65 days for all prices ranges for existing homes in May. YTD days on the market were only slightly higher at 68. Additional good news was the tight inventories were keeping sales in line with listings and creating a balanced market in most price ranges.

The total number of homes on the market comparing May, 2008 to May, 2007 was virtually unchanged. New home inventories were down 2.5% for the same period.
May’s new home sales, however, were off a sharp 26.2% from a year ago.

Real Estate Activity for May, 2008

Price Range Total sales Total listings Absorption time
Under $99,999 368 1590 4.3 months
$100-159,999 337 1000 3.16 months
$160-249,999 183 869 4.75 months
$250-499,999 65 601 9.25 months
$500,000+ 18 120 6.7 months

Why is Wichita’s market so strong when most other areas are experiencing major decreases in values, long times on the market and decreased total sales?

Wichita never experienced the double digit inflation of the costal areas, lenders & appraisers tended to be slightly more conservative in their lending practices, there is continued job growth in the local metro area, there are many public work projects in progress, increasing energy and grain prices helped the local economy and the local rental costs were higher than buying similar homes.

Wichita, KS economic and housing news.

2008-07-02T11:12:00.000-07:00

July, 2008: Wichita ranks high on wealth building survey by Salary.com.
Wichita, KS just ranked #6 on a survey of 69 cities for building personal wealth and Quality of life. The survey shows Cities which have the largest difference in pay and expenses plus quality of life. Education, industry and colleges in the area were also considered in the ranking.

More good news for Wichita housing!
July 2, 2008: A new study by PMI Mortgage Insurance Co. ranked 381 Metropolitan areas in ability to hold their market value over the next 2 years. The Metro Wichita, KS area ranked right at the top of this report with only a 1% chance of home prices declining between now and the 1st quarter of 2010. Metro areas in Florida and California had a 90% chance of homes decreasing in value.

Wichita, KS: Again #1

2008-06-27T15:45:00.000-07:00

MSN just put together a list of the Nine Best, Livable Cities where you won't need to trade the good life for the boring. The cities had to have more than 500,000 residents in the metro area and had to be one of the 100 largest USmetro areas.
Wichita, KS ranked #1. It was ranked this way because it is one of the most affordable places in the study, has some of the best job growth in the nation and thanks to the aircraft industry, agriculture, ethanol, oil & gas markets has all the industries that are on a growth spurt at this time.
Homes are appreciating in value yet homes are very affordable, commute times are extremely short, the down town area is being revitalized with the Water Walk project-new downtown arena-and the continued development of the "Old Town" area. The study was surprised that the arts and entertainment facilities were very strong for a city of this size plus the report said the area had a strong sense of community.
Other citeis in the report ranked from #2 on were Omaha, NE; Harrisburg, PA; Madison WI; San Antonio; Indianapolis; Pittsburgh; Dallas-Fort Worth and Tulsa, OK.

Wichita housing report

2008-06-05T12:36:00.000-07:00

1st Quarter, 2008 Market Conditions
for
Real Estate in
Wichita, Kansas

Money Magazine just reported 1st quarter information on Median home prices and projections from May, 2008 to May, 2009. Wichita ranked #10 with a projected increase in value of 1.5%. The highest ranked city was Rochester, NY at 2.7% of value. Only 24 of the top 100 cites in the US are projected to show any increase in value of homes in the next year.

Wichita also showed only a 9% increase in foreclosures from last year. Wichita ranked ahead of 90% of the top 100 markets in lowest increase in foreclosures.

NAR released their report on values for the 1st quarter of 2008 today. Wichita ranked #2 in increase in value from the 1stquarter, 2007 to the 1st quarter, 2008 at 11.7%. NAR reported the Median priced home in the Wichita metro area was $106,600. Money’s value was $114,000.

The local MLS showed an increase in property values in the last year of 5.7% for the same time period and a median value of just under $114,000. Average value of new homes was approximately $224,000. Different numbers but all were better than most of the country and all were in positive territory.

Wayne "Shorty" Short, ABR, CRB, CRP, CRS
Broker/Owner

RE/MAX Realty Professionals
10100 W. Maple
Wichita, KS 67209
&
8411 E. 21st St. N.
Wichita, KS 67206

316-554-2831

http://www.realtor-shorty.com/
shorty@realtor-shorty.com

CyberStar
ELP for Dave Ramsey

Co-Author: "How to Make Your Realtor Get You the Best deal"

Wichita, KS Real Estate Information

Wichita, KS economic and real estate update. December, 2011

Why Wichita will be the place to be.......

October, 2011 Housing report, Wichita, KS

September, 2011 Real Estate report for Wichita, KS

Wichita Real estate and Economic news for August, 2011

July, 2011 Housing report for the Wichita, KS metro area.

June, 2011, Wichita, KS metro area housing report

Wichita, KS economic update, June, 2011

May, 2011, Wichita, KS Real Estate Update

RE/MAX Network Shines in Annual report.....

New Households Mean Greater Demand for Housing

Wichita, KS real estate update, March, 2011

April, 2011 update Market update for the Wichita, KS metro area.

March, 2011 RealEstate update for the Wichita, KS metro area.

Discover the RE/MAX Design Center

Wichita, KS Real Estate Report

Wichita real estate and Economic report

RE/MAX Public Perception

Wichita, KS metro area real estate update.

December, 2010, Financial and real estate update for ICT

November 22, 2010 Wichita ecnomic report.

November, 2010 Wichita Real Estate and Economic Report

Halloween at RE/MAX

How Hot Air Balloons work

Largest Hail stone in Kansas fell 1/2 mile from our West office.

September, 2010 Wichita Real Estate Update.

Open House

National and Wichita homes data, August, 2010

August, 2010 economic report for the Wichita, KS metro area.

Wichita, KS economic update, July, 2010

"Short Sale" are inceasing....

Wichita, Kansas market update, 1st six months, 2010

Did You Know? The RE/MAX Edition 3.1

Mortgage Rates are reaching a 50 LOW

Wichita, KS real estate update, May, 2010

Spring real estate information, 2010

National real estate sales from the AP-RE/MAX Housing report

march, 2010 Wichita Metro area Real Estate Stats

Housing Trends for Wichita.....

Wichita and Kansas Real estate market, 2009-2010

January, 2010 Wichita MLS stats for Home Sales

Federal tax credit information, chart

2009 Wichita real estate wrap up.

Marketing your home

Wichita, KS real estate update for November, 2009

Youthville of Wichita, Kansas fund raising

Wichita updates.....

Escort

Adult Game

Hentai

Orgy

Wichita, KS economic update

YTD MLS Stats for the Wichita,KS Metro area, 2009

Wichita, Kansas city update

Extension of Tax credit for home buyers

3rd Quarter, 2009 Sales data for Wichita,KS

Wichita busines updte, August, 2009

Wichita real estate update, August 2009

1st Six Months, Real Estate Activity for Wichita, KS metro area

May Home sale data for Wichita, KS

April, 2009 MLS sales update.

1st quarter, market update, 2009

Good and not-so Good news for the Wichita, KS area

Wichita, KS is a highly ranked city.

Wichita, KS real estate and economic report

mar., 2009, Economic update for Wichita, KS

Wichita, Kansas Real estate market update, 2-2009

$8,000, 1st time Buyer's tax credit

January, 2009 Wichita housing update.

2008 Wichita, KS MLS Statistics

Wichita, KS real estate update for 2008

Wichita, KS MLS Stats for October, 2008

Wichita, KS real estate and jobs update for November, 2008

Top U.S. Housing Markets

Foreclosures and "Short" sales

Wichita, KS city and economic update

Economic data for the 1st week in November, 2008

Wichita, KS real estate update

September, 2008, Wichita MLS information