Wayne "SHORTY" Short

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 2^nd 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.

April, 2008 Unemployment rate for Wichita, KS dropped to 3.5%. All aircraft plants are hiring. The oil and gas industry are doing great and Wichita area farmers are experiencing the highest farm prices in years.

West Wichita sales data for 2007

Reflection Ridge and Fossil Rim:

The average SOLD price was $312,358 with 43 sales and 89 avg. DOM (day on the market)

The high sales price was $890,000 (Fossil Rim) and $479,900 in Reflection Ridge

Tyler's Landing:

The average SOLD price was $180,447 with 44 sales and 98 avg. DOM.

The high sales price was $251,534 and low price was $128,000

Oakridge:

The average SOLD price was $201,280 with 10 sales and 50 avg. DOM

The high sales price was $256,000 and the low price was $157.000

Forest Lakes:

The average SOLD price was $208,641 with 20 sales and 49 avg. DOM

The high sales price was $279,900 and the low price was $159,900

All Real Estate is Local!

Thank goodness I sell real estate in the Wichita, KS metro area.

While real estate values are down 5% -10%-15% in other markets, the

Stable Wichita market showed a 5.7% gain from Nov., 2006 to Nov., 2007.

Wichita's real estate market after 7 years of increased units sold finally slowed down a little bit in 2007 (-3.2%). 2007 was still the 3^rd best real estate market we have ever had.

Wichita, unlike other cities, had a decrease in new residential listings in 2007 (6.2%). This kept our prices from falling. Total homes left on the market at the end of 2007 was basically the same as 2006 and lower than 2004 and 2005. Available new home inventories were up slightly last year but only by 7 homes.

The average sales price for an existing home in 2007 was $117,766. Average days on the market were 62 and the average list to sales price was 97.13%. The average price of a new home was $211,628 and 1820 were closed in 2007.

The real estate market has grown quite a bit since 2000. That year 1,426 new homes sold along with 7,358 existing homes. This year 1,820 new homes sold along with 10,098 existing homes.

What does all of this mean for you? 2008 will be a good year for real estate in the Wichita, KS metro area.

Why? Unemployment rates are low. Interest rates are low. Hiring needs are high. Rental vacancies are low and rental costs are high. Average sales prices are low.

Thinking about buying a new home this year? Give Wayne or Kirk Short a call at 316-554-2831. We can help.