Wichita, KS real estate and economic update, February, 2011

By
Real Estate Agent with RE/MAX Grand Lake

Wichita Grain Elevator

February, 2011, Economic & Real Estate update

for the

Wichita, KS Metro area.

 

Boeing plans to hire 4,000 to 5,000 new workers at their Many U.S. Plants in 2011.  Boeing has a back log of around 3,000 aircraft and is ramping up their production of B737 and B777 airliners.

Spirit AreoSystems plans to hire hundreds of new workers also.  Spirit builds parts in Wichita for every airliner Boeing Aircraft builds including parts for Airbus and the main fuselage for the Sikorsky CH-53 Helicopter.

 

Nationally, payrolls by private employers rose by 187,000 in January, 2011.  Analysts had been predicting 145,000 jobs to be added in the month.

 

A few years ago Wichita was trying hard to get a Bass Pro Shop or Cabela's to anchor the shopping at Water Walk in down town Wichita.  They settled for Gander Mountain.  Gander Mountain turned out to be a great choice and the Wichita store is one of their very best.  Last week Cabela's announced they were indeed coming to Wichita and had settled on a NE Wichita location.  The new 80,000 sq ft store will be at Regency lakes shopping Center at 21st and Greenwich. The Wichita store is set to open in the spring of 2012.

 

The IMAX at the West Side Warren theaters is one of the largest IMAX's in the country.  It evidently was the most successful in showing the 3D hit, "TRON".  The attendance figure in Wichita led the nation.  Coming attraction for the West IMAX are "Pirates of the Caribbean", "The Green Hornet", "Cars", the next Harry Potter movie and "Cars".

 

Chick-fil-A is coming back to Wichita.  The Former Pesto gas station at Central and Rock road will be torn down and a new restaurant will be built.

 

Crime numbers for Wichita, KS had a significant drop in 2010 compared to 2009.  Crime fell around 5% in Wichita last year.  Only one of the seven crime categories showed an increase over last year.   That was burglaries with a 25% increase.  Murder, robbery, rape and aggravated assaults fell 7%.

 

American consumers have jump started the economic recovery for the beginning of 2011.  GNP grew 3.2% in the last quarter of 2010.  This compared to a 2.6% increase in the 3rd quarter of 2010.  Spending on durable goods like appliances, cars, trucks and furniture rose by 21.6%.  For the year, GNP grew by 2.9% compared to the 2.6% decrease in 2009.

 

Wichita Ok's a $420 million dollar design for the expansion of Kellogg (HWY 54-400) from the I-35 turnpike exchange o 159th street next to Andover, KS. Work is expected to start in about 3 years.  Additional plans for US-54/400 include future expansions thru Andover on the east side of Wichita and thru Goddard on the west side of Wichita.

 

Real Estate information

According to the National Association of Realtors, (NAR), pending home sales improved further in December, marking the 5th gain in the last 6 months. The Pending home sales Index was still 4,.2% lower than December, 2009.

The South Central Kansas MLS (Wichita, KS metro area) has just released the 2010 area home sales figures.  Existing home sales increased 9% between Nov. and Dec. 2010. Total existing home sales were up 491 to 535 units, the median sales price increased 1.4% in December and 12.4% on a year over year basis.

Existing home inventory dropped 3.1% in December but was still up 18.9% year over year.

Months of inventory supply was 7 months at the end of 2010.  Months of new home inventory were 8.6 months.

In 2007, there were 11.936 sales; there were 10,048 sales in 2008, 8,617 sales in 2009 and only 7,820 sales last year.  The number of new residential listing remained relatively the same over the last year but ending year inventory was up 900 units compared to 2008.  New homes for sale at the end of 2010 were about 60% of 2008's level.  The banks have done a pretty good job cutting back on new construction loans plus the builders have been clearing their inventory.

 

The average sales price of existing homes in 2010 was $124,697 with an average of 84 days on the market and selling for 96.36% of their final list price.  The average price of new construction sold in 2010 was $189,577.  There were 812 new residential units sold last year.  57% were co-op sales.

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