Home sales continued to be strong in the Wichita area in January, according to a new South Central Kansas Multiple Listing Service report.
Released on Friday, the report shows that home sales in the south central Kansas region rose by 3 percent last month when compared to January 2017 numbers. The highest percentage (24.1 percent) of homes sold in January were in the $50,000-$99,999 price range.
"The January numbers were strong and align with the 2018 forecasts," says Kelly Kemnitz, a Realtor with J.P. Weigand & Sons. "We still need inventory, a theme that persisted throughout 2017."
Local industry experts have been predicting that the current seller’s market will extend well into this year, an outlook that wasn’t deterred by the January numbers.
Among existing homes in the five-county area (Butler, Sedgwick, Cowley, Sumner and Harvey counties) that makes up the MLS south-central Kansas region, 543 sold in January, up from the 571 units that sold in January 2017.
A total of 738 contracts for sale were written last month, an increase of nearly 10 percent from January 2017. Contracts written during a particular month reflect, in part, sales that are set to close in the near future.
"I’m excited and optimistic about the local housing market as well as the state of the Wichita economy," Kemnitz says. "Signs of growth and new construction are present throughout the city."
The average sale price for an existing home last month was just over $137,300, a decrease of nearly 3 percent from the January 2017 number of nearly $141,600.
The MLS reported 2,147 active listings at the end of last month, which represents a dip from the 2,254 active listings on the market at the end of January 2017. That means there’s a nearly four-month supply of homes currently on the market.
A figure representing less than five months of supply is generally thought of as a seller’s market.