The residential real estate market in the greater Wichita area held steady with slight improvements in 2017. Despite the lower inventory available through the last few years, the real estate market is projected to continue to grow stronger as we look to 2018!
The statistics below are based on information from the RSCK MLS for the time period of January 1, 2017 through December 31, 2017. Report data generated on January 2, 2018.
Average Days on Market
In July of 2016, residential properties spent and average of 48 days on the market compared to a decreased 36 days in July of 2017. Homes spent less time on the market in 2017 which was a great sign for sellers as inventory continued to move swiftly.
Average Sales Price
Average sales prices in 2017 were higher than 2016 totals in all but two months. The 2017 average sales price for June was $166,645.00, while the 2016 average for June was $163,848.00. Overall, average sales prices slightly increased while still following the trends of 2016.
Units Sold Per Month
While overall the market only slightly increased in total units sold, numbers remained strong. Proving that the summer months are still the best time to market your home.
With several exciting events and project completions scheduled in 2018 we look to the new year with enthusiasm and the anticipation of an even stronger residential real estate market!
Interested in selling or purchasing a home in 2018? Contact J.P. Weigand & Sons, Inc. and visit with one of our experience REALTORS® for more information!