Aircraft Industry Causes Turbulence In Wichita, Kansas Housing Market by Blanche Evans
It's been a bumpy ride, but local Realtors say that there's some sun on the horizon that could smooth the landing for Wichita, Kansas' housing market, which has been turbulent since 2001. "Since 2001, Wichita, KS has experienced significant lay-offs in the air craft industry," says Realtor Wayne Short. "That trend started reversing itself in the last 18 months and with the recent sale of Boeing Civilian to ONEX corporation from Canada, and the increase in jet orders for Learjet, Cessna and Beech aviation, hiring has improved and should continue improving over the next few years." About the real estate market, Short says, "Real estate sales have actually grown every year since 2000. The low-low interest rates have been the main reason for this. Foreclosures and total listings on the market have also increased leaving the metro area in a balance to the buyer's market. The Wichita metro area's average price for a home is $101,000 with the average price of a new home is in the $160,000's. Around $120,000 buys you a 1000 sq ft ranch with full-basement. You can get oak trim, two baths, three bedrooms, a two-car garage, and a recreation room in the basement." Suggests Realtor Gloria Light, "The Wichita market could be changing with the exciting news regarding Boeing, Onex , Wichita Water Walk, Wild West World, and more." Light advises, "There are 3698 active listing in the Wichita Area which is up 8 percent from the same period in 2004. This is a possible sign of a weakening real estate market. The average price of an existing home was $104,755. Prices range from $30,000 to $500,000+. Average days on the market for the first quarter of 2005 was 73 days, and seven percent of homes sold in one to 30 days. Twenty-six percent of homes sold in 31-60 days, while 15 percent of homes sold in 61-90 days. Thirteen percent of homes sold in 91-120 days, while 39 percent of homes sold in 121+ days. These trends show the importance of pricing homes correctly before entering on market." "West Wichita offers everything the east side advertises with more convenience," says Realtor Penny Johnson, "Buyers have the choice of hundreds of beautiful homes in any price range. There are currently 124 homes available in the Northwest school district. Average price is $114,351 and the homes stay on the market about two months. It is recommended potential buyers call the district office to confirm schools." |
