Half of the homes in Sedgwick County gained value last year, according to a new county appraiser’s report.
The report presented Wednesday gives the county an idea of real estate activity last year and how much appraised value the county will work with in crafting its future budgets, said County Appraiser Michael Borchard.
Fifty percent of county residential properties rose in appraised value, while 47 percent had no change. Only 3 percent lost value. The typical change in property value was 4 percent.
The median home sales price jumped about $5,100, from $149,900 in 2015 to $155,000 last year.
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New home construction dropped 123 units to 1,025 last year. That largely wiped out a 130-unit bump from 2014 to 2015. Borchard said new home construction figures were stabilizing at about 1,000 per year.
The county added about 680 parcels of property, which happens when larger parcels are divided up into smaller ones.
“There was an increase in 2016, showing positive signs for future development,” Borchard said.
Thirty-seven percent of commercial properties in the county saw an increase in value, and 21 percent saw a decline in value. Forty-two percent saw no change.
Commercial property sales rose from 541 to 588.
“Commercial building activity has also stabilized,” Borchard said. “This is also an indication of an active real estate market.”
Only 1 percent of agricultural property valuations went down. But some ag land is valued, in part, on an eight-year rolling average.
“Crop prices have been down for the last couple of years,” said Commissioner David Dennis. “Land owners out there getting ready to sell it (ag property), I guarantee you they’re selling it for less than they were a couple of years ago.”
The county appraiser sent out value notices Wednesday, but only to property owners that saw a change in appraised value or the way their property is classified. A little over half of all properties in the county will be mailed a value notice.
Those who saw no change can view their information online at www.sedgwickcounty.org.
Property owners can appeal their notices if they don’t think they match market values. Appeal meetings begin March 21.