Don’t expect the Wichita housing market to cool as the weather begins to sizzle this summer.
That’s according to the president of the Board of Directors for the Realtors of South Central Kansas, who spoke to the WBJ on Wednesday about the new monthly South Central Kansas Multiple Listing Service numbers, which were released this week.
Data showed that home sales jumped by only a single transaction (865) in April when compared with the same month in 2017. Considering how strong last spring was for home sales, said Megan McCurdy Niedens of McCurdy Auction, it’s another busy period for Wichita brokers.
"The fact that we’re right about at what was sold last spring bodes really well for 2018," McCurdy Niedens says. "We continue to be very optimistic for 2018. While things can always change, there’s just nothing on the horizon locally that would lead us to believe the market will slow down."
Sales numbers for existing homes (801) last month actually dropped slightly from April 2017 (807), but the dip was barely noticeable.
In a clear seller’s market environment, the average sale price for an existing home in the five-county area (Butler, Sedgwick, Cowley, Sumner and Harvey) jumped by 3.3 percent in April to just over $150,100. For April 2017, the average sale price was just over $145,300, the monthly report showed.
"There continues to be a really good rapid sales rate for homes in that range from $75,000 to about $250,000," McCurdy Niedens says. "That average of $150,000, that’s very strong. Buyers are having to watch the market diligently and they have to have their ducks in a row."
A bump was also seen last month in new construction. A total of 64 new construction sales occurred in April, which was up more than 12 percent from the same month in 2017. The average sale price for a new home was over $300,800 last month, an increase of more than 8 percent from April 2017.
"I’ve said this for a long time, but we’re blessed to be in an area where the market, for the most, remains strong," McCurdy Niedens says.
The MLS reported 2,135 active listings at the end of last month, which represents a decrease from the 2,330 active listings on the market at the end of April 2017. That means about a 2.5-month supply of homes are on the market.
A figure representing less than five months of supply is generally thought of as a seller’s market. The listing service is owned by the Realtors of South Central Kansas, which is a local affiliate of the National Association of Realtors.