The housing market in the Wichita area is doing very well this year. It's doing so well, in fact, that it has seen 20 percent growth since this time last year. A total of 919 homes sold in September of this year, as compared to September of 2014, when only 755 homes sold, according to a report on Monday by the South Central Kansas Multiple Listing Service. A 41 percent sales increase came from new home construction alone with 52 sales this year as opposed to just 37 last year. In addition, existing homes saw a nearly 21 percent increase this year, selling 867 homes. This is 149 more existing home sales than last September.
Last month, the sale price on existing homes came in at an average of $135,280, just under last year’s $138,115 average. Up two percent from last year, the average price of new homes reached $320,230 in September of this year.
The number of available homes on the market provides roughly a 3.3 month supply for south-central Kansas if sales continue at the current rate. A supply of less than five months is typically indicative of a seller’s market.
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