June 19, 2018
Lawrence Board of REALTORS® Releases Home Sales Figures for May 2018
Home sales in the City of Lawrence were essentially unchanged in May 2018 compared to the same period last year. Sales totaled 160 units in May 2018.
Among existing homes, 143 units sold in May, a decrease of 4.0% from 149 units that sold in 2017. The average sale price of existing homes was $231,924. This represents a decrease of 0.4% from the May 2017 average price of $232,783.
For new construction, 17 sales occurred in May, up from 11 units the prior year, an increase of 54.5%. The average sale price of new homes in May was $355,250, up 0.1% from the same period last year.
A total of 145 contracts for sale were written in May 2018, up from 141 in May 2017. This is an increase of 2.8%. 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 213 units at the end of May, which is down from 248 homes that were on the market at the end of May last year. At the current rate of sales, this figure represents 1.3 months' supply of homes on the market.
According to Henry Wertin, President of the Lawrence Board of REALTORS®, “As the heat rises, “For Sale by Owners” are on the decline. The value and professionalism of using a REALTOR® during these competitive times, far out ways the “do it yourself” mentality. This is true especially when referring to capitalizing on your investment, managing the transaction, and navigating through mechanical inspections of the property during this aggressive and competitive market. We will continue to see interest rates climb throughout the rest of 2018 and as rents rise, we will see another driver for the incline of home sales as it makes more sense financially to purchase a home.”
For questions and/or comments, please contact LBOR President Henry Wertin at 785-8432-055 or firstname.lastname@example.org.