January 24, 2019
Lawrence Board of REALTORS® Releases Home Sales Figures
Homes sales in the City of Lawrence fell by 14.5% in December compared to the prior year. Sales in December 2018 totaled 65 units, down from 76 in 2017.
Among existing homes, 58 units sold in December, a decrease of 13.4% from 67 units that sold in 2017. The average sale price of existing homes was $211,535. This represents an increase of 1.9% from the December 2017 average price of $207,506.
For new construction, 7 sales occurred in December, down from 9 units the prior year, a decrease of 22.2%. The average sale price of new homes in December was $381,971, up 16.3% from the same period last year.
According to Greta Carter-Wilson, President of the Lawrence Board of REALTORS®, “Home sales softened at the end of the year and final numbers for 2018 as a whole were down 2.9% for the number of homes sold, but up 7% in sales volume with the average sale price climbing 10%. The low amount of inventory was again a big factor this past year. One statistic we track is the percentage of the eventual sale price to the listed price, and the 2018 median sale price to listed price was 100%. This means that more than 50% of the homes sold in 2018 went for the asking price or above.”
A total of 43 contracts for sale were written in December 2018, down from 76 in December 2017. This is a decrease of 43.4%. Contracts written during the month reflect, in part, sales that will close in the near future.
LBOR President Wilson continued, “In 2018 the City of Lawrence completed a Comprehensive Housing Study, which concluded that we have a real gap in more moderately priced homes in Lawrence and Douglas County. Based on the inventory available and the nature of sales in 2018, average sale prices were up 10% and the median sales price jumped up over 13%. We remain very concerned about housing affordability in our community.”
The inventory of active listings in the City of Lawrence stood at just 219 units at the end of December, although it is up from 183 homes that were on the market at the end of December last year. At the current rate of sales, this figure represents just 2.1 months' supply of homes on the market. A balanced market will have a 5-6 months’ supply of homes available on the market.
For questions and/or comments, please contact LBOR President Greta Carter-Wilson at 785-856-2530 or GretaCW@KW.com.
Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/market-statistics/.