January home sales plummet in Wichita

January is typically a slow month for home sales in Wichita and last month was no exception, according to figures released today by the South Central Kansas Multiple Listing Service and the Wichita Area Association of Realtors.

A total of 344 homes were sold last month, down two from the 346 sold in January 2010 and down 246 from the 590 sold in December.

New home sales plummeted to just 31 units in January, and only 313 existing homes were sold during the same month. Meanwhile, new and existing home inventory remained almost static at 4,213, up six units from December but up 269 from January 2010.

Many local brokers believe that February sales figures will be even worse, driven downward by two blizzards in the first half of the month.