The greater Wichita area residential real estate market held steady through February. We continue to see increases in contracts written and pending listings as we head forwards warmer weather. Buyers in our market are awaiting new inventory, as it remains low through the remaining weeks of winter.
The statistics below are based on information from the RSCK MLS for the time period of February 1, 2018 through February 28, 2018. Report data generated on March 1, 2018.
MLS Housing Statistics
The amount of contracts written in February increased again by 1% from the previous month. Although we saw fewer listings new to the market in February, the amount of contracts written continues to increase from December.
Average Sales Price
The market did see a slight decrease in average sales price compared to last month. However, compared to last year, the average sales price continues to increase.
On a national level, compared to 2016’s 4th quarter, home values increased by 3.5% in the state of Kansas in 2017’s 4th quarter (October 1st to December 31st). The only state in the U.S. during this time period to see a decline in home values was Mississippi.
Days on Market
The average days on market increased slightly in February compared to January. This is expected this time of year, as buyers anticipate new inventory to hit the spring real estate market. Homeowners who are considering selling may want to do so now before the market transitions into a buyer’s market.
Considering selling and/or purchasing a home? Visit us at www.weigand.com or call 316-292-3991 for more information!