Home sales in South Central Kansas fell by 27.2% in January compared to the prior year. Sales in January 2023 totaled 522 units, down from 717 in 2022.
Among existing homes, 478 units sold in January, a decrease of 26.2% from 648 units that sold in 2022. The average sale price of existing homes was $191,501. This represents a decrease of 7.6% from the January 2022 average price of $207,194.
For new construction, 44 sales occurred in January, down from 69 units the prior year, a decrease of 36.2%. The average sale price of new homes in January was $355,647, up 2.8% from the same period last year.
A total of 657 contracts for sale were written in January 2023, down from 746 in January 2022. This is a decrease of 11.9%. Contracts written during the month reflect, in part, sales that are set to close in the near future.
The inventory of active listings in South Central Kansas stood at 1,080 units at the end of January, which is up from 661 homes that were on the market at the end of January last year. At the current rate of sales, this figure represents 1.2 months’ supply of homes on the market.