WICHITA, Kan. (KSNW) – It is the perfect storm for an already hot housing market. June is reportedly always one of the best months for home sales. This year, Re/Max said sales soared 14% over May 2021, setting a record for the U.S.
As for south-central Kansas, the numbers are falling flat. This year, home sales are down 1.5% compared to last year. Dr. Stanley Longhhofer, Wichita State University’s Center Real Estate, said those local numbers might be deceiving.
“Last year was an exceptional June because the sales in April were delayed because of COVID,” said Longhofer. “We don’t do a formal seasonal adjustment of the MLS statistics here on a local level, but if we did, we would continue to see those home sales increasing.”
Longhofer said if they were to adjust the local numbers, the area could see what is happening nationwide.
With the demand taking off in Kansas, it is keeping the supply low. He said the number of active listings is far below where the area was a year ago.
JPAR Leading Edge owner Jordan Wuest said it is good news for people selling their homes, but homebuyers are left searching.
“Buyers are feeling fatigued. They’re offering, putting in multiple offers on all kinds of homes and losing out. Going tens of thousands above asking price, and they’re still losing,” said Wuest.
The market is expected to take a lot of time to stabilize.
“Long term, it’s going to take several years for us to really get to a place of a more balanced market, and buyers ought to expect that they’re still going to face limited choices,” said Longhofer.
There is a promise for home buyers, as the number of homes available is increasing.
“We’re starting to see inventory creep up a little bit more. You know we can’t keep them long on the market, but like I say, you know, two months ago, we were at that point seven months supply. We’re at about point nine now, which is amazing,” said Wuest.