The Wichita area market continued to heat up in April, according to a monthly home sales report released Monday.
The report from the South Central Kansas Multiple Listing Service showed that home sales in the region rose by 8.5 percent in April when compared to the same month in 2015.
Sales last month totaled 879 housing units, up from 810 in April 2015. Among existing homes, 820 properties sold in April, an increase of 8.3 percent from 757 units that sold in April 2015, the report said.
The average sale price of an existing home last month was just over $142,000, representing an increase of 2 percent from the same month in 2015.
“The market is extremely hot for homes generally under $250,000,” said Kirk Short, a Wichita Realtor. “Once you go over that mark it slows down a lot. Things are especially slow in the mid-$300,000 range and up.
“Overall, though, this is a great market.”
Construction of new homes saw a small spike in April, as 59 sales occurred, up from 53 in April 2015. However, the average sale price for a new home – about $257,900 – was down slightly last month, year-over-year.
A total of 1,061 contracts for sale were written in April, a 4.3 percent jump from April 2015. In part, the number of contracts written reflects sales that are set to close in the near future.
At the current rate of sales, the south-central Kansas region has about a three-month supply of homes on the market, the report said. A figure representing less than five months of supply generally indicates a seller’s market.