A seller’s market in Wichita is leading to some long days for some local Realtors.
Kelly Kemnitz, one of the top residential sales agents with J.P. Weigand & Sons, says a limited amount of inventory in some of the most popular price ranges has started to take a toll.
"The market is strong and agents are working long hours, seven days a week," Kemnitz says. "We’re starting to feel the pressure, especially in the $150,000 to $200,000 range."
A report released Tuesday from global real estate data firm CoreLogic Inc. showed that home sales in Wichita were up 6.8% year-over-year from February 2017 to February 2018.
In its latest release of numbers last month, the South Central Kansas Multiple Listing Service showed 2,044 active listings at the end of February, which represents a dip from the 2,289 active listings on the market at the end of February 2017.
That means there’s about a 3.5-month supply of homes currently on the market. A figure representing less than five months of supply is generally thought of as a seller’s market.
"We have a tremendous number of buyers who can’t find what they desire or are losing homes to multiple offer situations," Kemnitz says. "It’s still hit and miss in the executive level price points — some homes are flying off the market and others are going stale. Price and condition are crucial to successful sales in all price ranges."
Tyson Bean, a Realtor with Pinnacle Realty Group of Berkshire Hathaway HomeServices PenFed Realty, says he expects market conditions to change as we go deeper into 2018.
"We anticipate that inventory levels will increase over the coming months," Bean says.