Wichita, KS real estate activity for 2009

The 1^st 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.