Area home sales took another plunge last month as an apparent decline in the market continues.
According to fresh numbers released this week by the South Central Kansas Multiple Listing Service, home sales in the five-county area (Butler, Sedgwick, Cowley, Sumner and Harvey) surrounding Wichita dropped nearly 12 percent — from 821 units to 774 units — in December when compared to the same month in 2017. Contracts for sale were down about 3 percent from December 2017 to December 2018, according to the report.
The MLS reported 2,205 active listings at the end of last month, which is a decrease from the 2,214 active listings on the market at the end of December 2017. At the current rate of sales, that means there’s about a 2.5-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.
(Read more: Wichita Business Journal)