Summer Chill: Real Estate Market Update for August 2023 In Wichita, KS!!

Welcome back to Urban Cool Homes, where we bring you the latest insights into the real estate market. I'm Steve Myers, and today we're diving into the numbers from July to give you a comprehensive market update.

Did the scorching July heat cool down the real estate market? Let's find out.

A Cooling Trend, but Still Hot

Looking at the July numbers, it appears that the real estate market might be experiencing a slight cooling trend. However, it's crucial to note that this cooling down doesn't necessarily translate to a decline in the overall health of the market. In fact, it's more like a return to pre-COVID levels, which is quite positive.

In July, we witnessed a total of 159 listings being sold, indicating a 12% decrease compared to the previous year. But considering the year-on-year drops that reached up to 30%, a mere 4% decrease is a strong indicator that our market remains robust and stable.


Inventory Shifts

One of the noteworthy changes is the increase in inventory by about 50% compared to the previous year. Despite this increase, the market still maintains a relatively low 1.6 months of inventory on the market. This means we're still comfortably situated within the realm of a buyer's market.

As you might recall, we've previously discussed the dividing line between a seller's market and a buyer's market, which stands at around six months of inventory. With our current levels, it's evident that buyers still hold a considerable advantage in the market.


Price Points and Market Dynamics

Average listing prices have shown promising movement, ticking up from $220,000 to $232,000 over the course of a year. This upward trajectory in prices demonstrates the market's resilience and continues to provide a favorable environment for sellers.

While the average number of days a house spends on the market has extended to five days, compared to four previously, this shift isn't a cause for concern. Even with this minor extension, the market remains highly favorable for sellers, as evidenced by the fact that listings are fetching 100% of their asking prices or even higher.


Balanced Perspective for Buyers and Sellers

For those looking to sell their properties, the current market conditions are still highly favorable. The demand for homes persists, resulting in sellers receiving their asking prices. On the other hand, potential buyers have more options at their disposal due to the increased inventory, making it a great time to explore their choices and make informed decisions.


Looking Ahead

As we step into August and the back-to-school season, we eagerly anticipate the next set of numbers that will guide us through the rest of the year. The summer market, though showing a hint of cooling, remains healthy and promising. We'll be keeping a close eye on how these trends develop in the coming months.


Final Thoughts

The July real estate market update provides us with a well-rounded perspective. While the market may have cooled slightly, it's important to understand that this adjustment is part of a broader trend rather than a cause for alarm. The data indicates that we're still on a steady course, and both buyers and sellers can continue to navigate the real estate landscape with confidence.


Thank you for tuning in to Urban Cool Homes for your monthly market update. Stay tuned for more insights and analysis as we move forward into the dynamic world of real estate.

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