WICHITA, KS: (Wichita KS Realty News)Towards the end of 2016, the available home inventory in Wichita ended with a historically low number. More people wanted houses and searched high and low in 2016, yet there were actually fewer houses on the market today than there were three years ago, both right in Wichita and in the country as a whole. The result has been one we’ve seen coming: houses don’t sit on the market very long, and, with a trend resurging that we used to see back in 2007, some sellers are fielding multiple offers at once in desirably affordable cities like Wichita.
The result, of course, is that the prices for the homes on the market keep rising, even in slow-growing Wichita, Kansas. The average home price is up 4.5 percent from the year before, according to the South Central Kansas Multiple Listing Service. This is phenomenal news if you’re a seller: it means you are more in control and free to charge an increase for your home than when you bought it ten or twenty years ago. But, experts are predicting that this is exacerbating some of the gridlock that is preventing more people from putting houses on the market. Although the sales are up overall because people are ready to buy what’s available, it has meant a lot of frustrated buyers who want more affordable choices – and they’re willing to look elsewhere to find them.
Last year, houses on the Wichita market sold in just 24 days. As a comparison, houses on the market in an evenly balanced market between both buyers and sellers take an average of six months before selling. A representative from Coldwell Banker Plaza Real Estate said, “I’ve been in the business for 43 years, and I’ve never seen it this low.”
Time will tell what this means for the health of the Wichita real estate market and keep an eye on Wichita’s home inventory this coming spring.