April 22, 2024

Lawrence Board of REALTORS® Releases Home Sales Figures for March 2024

Homes sales in the City of Lawrence fell by 21.4% in March compared to the prior year. Sales in March 2024 totaled 55 units, down from 70 in 2023.

Among existing homes, 53 units sold in March, a decrease of 18.5% from 65 units that sold in 2023. The average sale price of existing homes was $398,197. This represents an increase of 37.1% from the March 2023 average price of $290,510.

For new construction, 2 sales occurred in March, down from 5 units the prior year, a decrease of 60.0%. The average sale price of new homes in March was $531,950, up 32.5% from the same period last year.

A total of 108 contracts for sale were written in March 2024, up from 82 in March 2023. This is an increase of 31.7%. Contracts written during the month reflect, in part, sales that will close in the near future.

The inventory of active listings in the City of Lawrence stood at 124 units at the end of March, which is up from 99 homes that were on the market at the end of March last year. At the current rate of sales, this figure represents 1.7 months' supply of homes on the market.

According to Jill Ballew, President of the Lawrence Board of REALTORS®, “As most know, the Federal Reserve tracks the consumer price index and inflation, and as of now, the prediction doesn’t promise a lot of movement. Locally, the average interest rate on a $300,000 30-year fixed loan is around 7.125% while nationally it has been quoted closer to 8%. The sluggish results in March are also due to a continued lack of inventory, although inventory levels are slightly higher than last year at this same time. First quarter sales are up 2.7% from this time last year, which is equivalent to 153 homes compared to 149 homes sold.  So, is it a good time to buy and sell?  Everybody’s scenario is different, so reach out to a real estate pro who can help you understand your options.”

For questions and/or comments, please contact LBOR President Jill Ballew at 785-760-7732 or jillballew@stephensre.com.

Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/market-statistics/.

Three-Year Comparison Through March 2024