The median sale price of a home in Sedgwick County continues to rise.
Currently, that amount stands at $225 thousand, according to County Appraiser Mark Clark, who discussed the topic and much more at Wednesday's Sedgwick County Commission meeting.
The median number of days a home is on the market is 6, the same as August 2020. Many sellers are getting full asking price for their homes and in some cases a little more, which Clark says indicates the strength of the market. Despite that, the county is still lacking around 25-50 thousand housing units.
Clark added that because of higher interest rates, residential sales, while still active, are down 17% compared to last year but higher than the 5-year, pre-pandemic average.
Clark also discussed increases in the assessed values in the residential and commercial markets.
Because of the markets today, the values of homes and the value of commercial property is much higher than it was in the past so owners are going to see an increase in their valuation in the future.
Commissioner David Dennis added that if homeowners don't agree with county's assessment, they can file an appeal.
Also during Wednesday's presentation, we learned the county was not in compliance with the commercial compliance ratio standard, which compares commercial sales versus the valuation of that property. As a result, state law says the county's property valuation division will contract with a third party to perform appraisals on at least 1 percent of commercial properties, around 130-140 in all. Clark said that bill is "going to be expensive."
