March 19, 2019
Lawrence Board of REALTORS® Releases Home Sales Figures for February 2019
Homes sales in the City of Lawrence fell by 17.7% in February compared to the prior year. Sales in February 2019 totaled 51 units, down from 62 in 2018.
Among existing homes, 45 units sold in February, a decrease of 13.5% from 52 units that sold in 2018. The average sale price of existing homes was $234,747. This represents an increase of 2.8% from the February 2018 average price of $228,426.
For new construction, 6 sales occurred in February, down from 10 units the prior year, a decrease of 40.0%. The average sale price of new homes in February was $333,553, down 12.4% from the same period last year.
A total of 83 contracts for sale were written in February 2019, down from 102 in February 2018. This is a decrease of 18.6%. 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 197 units at the end of February, which is up from 176 homes that were on the market at the end of February last year. At the current rate of sales, this figure represents 2.0 months' supply of homes on the market.
According to Greta Carter-Wilson, President of the Lawrence Board of REALTORS®, “Even though there were more active listings at the end of February 2019 compared to February 2018, Lawrence Douglas County Kansas is still experiencing a housing shortage. The biggest deficit is reflected at the median price range and below. The lack of housing inventory along with escalating prices does make it harder for potential buyers in this market. In turn, this may also keep current homeowners from putting their house on the market for fear of not finding a suitable home to buy.”
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 & Douglas County are available at https://www.lawrencerealtor.com/marketstatistics