What is a sellers market?

So what does it mean to be in a sellers market?

Right now in the Wichita area there is roughly one month worth of inventory. This means that if 100 homes sell a month then there is only 100 homes on the market right now. In order to switch to a buyers market there has to be at least 7 months worth of inventory. This means there would theoretically need to be 700 houses on the market! We are so low on inventory. I recently saw that Wichita is ranked #5 in the nation for lowest inventory! The national average for inventory is only about 2 months.

Long story short when the inventory goes down, prices go up. Buyers right now have to be extremely serious and ready to play ball if they don’t want to lose a house. We are still helping buyers win the bids each day though. Give us a call if you have any questions.

L+H Homes, ERA Great American Realty

Your Realtors That Care!

316-365-7767