Wichita Kansas Jan 2007 Market Conditions

In Comparing the Wichita Area Market in January 2006 to January 2007:

• Total sales of existing and new residential homes rose 3%.
• Total listings of existing homes were down 2.5%.

• Total available inventory of existing homes were down 7%.
• Total available inventory of new homes rose 3% .

• Existing Homes ~ Average sales price in 2006 was $112,000 ~ in 2007 was $108,000.

• In January 2007 ~ 850 existing homes were listed and 555 went under contract.
• Average days on the market were 70
• Average selling price at 96.9% of last listed price.
• West Wichita DOM were 42 compared to 73 DOM for Northeast Wichita.
• The Derby area and Southeast Sedgwick County was 93 days.

• There were 168 new homes added to the market and 112 went under contract.
• Average selling price was $194,690 with an equal # selling in West and Northeast Wichita and making up 1/2 of all homes sold in the 5 county area.

What does any of this mean to you, the seller? More homes sold in Jan. 2007 than a year ago, yet there was less inventory on the market in '07 than in '06. If you are planning on selling your home this spring, now is the time to list.