Wichita real estate update, September, 2009

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 10^th 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 1^st 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.