Homes sales in the City of Lawrence fell by 7.6% in February compared to the prior year. Sales in February 2018 totaled 61 units, down from 66 in 2017.
Among existing homes, 51 units sold in February, a decrease of 5.6% from 54 units that sold in 2017. The average sale price of existing homes was $230,161. This represents an increase of 26.6% from the February 2017 average price of $181,800.
For new construction, 10 sales occurred in February, down from 12 units the prior year, a decrease of 16.7%. The average sale price of new homes in February was $380,718, up 16.6% from the same period last year.
A total of 101 contracts for sale were written in February 2018, up from 97 in February 2017. This is an increase of 4.1%. 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 176 units at the end of February, which is down from 212 homes that were on the market at the end of February last year. At the current rate of sales, this figure represents 2.9 months' supply of homes on the market.
According to Henry Wertin, President of the Lawrence Board of REALTORS®, “As we enter into March, which most feel is the beginning of our “Spring Market,” we find that inventory is still at a staggeringly low rate. The Market Values of homes in Douglas Country are on the rise, due to the lack of supply, which in turn is driving multiple offer situations on Listings new to the market. As the Sellers’ Market thrives, the Buyer must be aggressive in their approach in securing the purchase of a home.”
For questions and/or comments, please contact LBOR President Henry Wertin at 785-8432-055 or email@example.com.
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