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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Kansas real estate market.
Let’s start in Wichita, where home sales were up 4.5% year over year in March. Bizjournals.com reports:
Sales of new and existing homes increased 4.5 percent from March 2012 to March 2013 and 10.1 percent from first quarter 2012 to first quarter 2013. It was the best March and the best first quarter since 2008, says Tessa Hultz, CEO of WAAR and South Central Kansas MLS Inc. “Here locally, it very much looks like our market is stable and it’s moving in the right direction,” she told me. “It’s reflecting growth and not bubbles.”
In Southwestern Kansas, home sales were down slightly, as the Garden City Telegram reports:
Single-family home sales for February in Garden City were down by two units from a year ago, according to the most recent figures available from the Garden City Board of Realtors. However, spring sales are expected to be strong. Sixteen units were sold in February of this year, compared to 18 in February 2012. Of those 16 sold, three were one to three bedrooms, three were three-bedroom homes and 10 were four-plus bedrooms. Average price of the homes was $122,681, average days on the market was 144 and the majority of the financing was cash, according to Garden City Board of Realtors information.
St. Louis Today looks at the Eastern part of the state, and a tax war going on in Kansas City:
But at the start of this year, Kansas unsheathed a powerful new weapon in the jobs arms race, lowering its personal income tax and eliminating taxes paid by many small business owners. Kansas Gov. Sam Brownback has touted the plan as a bold experiment, designed to jump-start Kansas’ long-sluggish economy. And that has kicked off a hot debate about whether Missouri should follow suit, by answering with tax cuts of its own that will ripple a long way from Kansas City.
Hard to say if this race to the bottom will help anyone but business owners – if both states lower their taxes, the states get less money, no one moves, and businesses make out like bandits.