In Certain Price Ranges, the Wichita Market Has Bounced Back Gracefully

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A lot has changed in a few short years for the Wichita real estate market. We wanted to highlight some of the biggest changes we’ve seen in the last few years by examining the difference in what we’re experiencing now vs. what we experienced a few years ago.

In 2012, per the Wichita MLS, a total of 8,209 homes were sold in Wichita and surrounding areas. In 2015, that number increased to 9,496 homes. That is a 15.7% increase - great news if you’re looking to sell a house. The other thing we wanted to mention was home appreciation. In 2012, we saw negative 1.1% appreciation. Homes were losing value. In 2015 however, we were back on the plus side and saw a 3.6% appreciation in home values. We expect that trend to continue through 2016.

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We have gone from a buyer’s market to a strong seller’s market.

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One key number agents pay attention to when examining the market is the absorption rate, which is a measure of inventory. A balanced market is somewhere between five and seven months of inventory. A buyer’s market is more than seven months, and a seller’s market is less than five. Interestingly enough, right now, we have less than a 3% absorption rate, which puts us in a great seller’s market. If you've been thinking about selling at all, now is a fantastic time.

We have gone from more of a buyer’s market to a very strong seller’s market. Because of limited inventory, buyers in today’s market will have to compete against multiple offers, at least in the $150,000 to $200,000 range.

We hope this information was helpful to you. If you have any questions at all, give us a call or send us an email. We would be happy to answer them.