South Central Kansas MLS October 14, 2011

October 14, 2011
The South Central Kansas MLS releases the September Wichita-area home sales figures.
Existing home sales decreased 5.3% between August and September according to the latest figures released by the South
Central Kansas MLS, and increased by 20.9% on a year over year basis.  Existing homes sales in September totaled 665,
down from 702 units in August. The median sales price of existing homes in September decreased 14.2% compared to
August, and increased 6.3% on a year over year basis.
New home sales decreased in September with 28 units sold down from 50 in August.  The September median sale price of
new homes decreased to $203,000 from $227,005 in August but is 8% higher than one year ago.
Existing home inventory this month decreased to 4,021 homes in inventory compared to 4,056 last month. The existing
home inventory this month is 6.9% lower than it was a year ago when the existing home inventory was 4,318.
New home inventory increased this month with 341 homes in inventory compared to 335 new homes on the market last
month.  The new home inventory is 31.4% lower than it was a year ago at this time when there were 497 new homes on
the market.
New and existing home inventory combined was 4,362 homes this month compared to 4,391 last month representing a
0.7% decrease in the past month. One year ago the combined inventory was 4,815 which represents 9.4% decrease in total
inventory over the past year.
Months of Inventory is determined by taking the inventory and dividing it by the number of sales. A “balanced market” is
considered to be a 5-6 month supply.  If the supply exceeds 6 months, the market begins to favor buyers.  When the
supply is less than 5 months, the market tends to favor sellers. Months of inventory for existing homes increased to 6 in
September, indicating a balanced market.