August 20, 2019
Lawrence Board of REALTORS® Releases Home Sales Figures for July 2019
Homes sales in the City of Lawrence fell by 6.6% in July compared to the prior year. Sales in July 2019 totaled 141 units, down from 151 in 2018.
Among existing homes, 137 units sold in July, an increase of 3.8% from 132 units that sold in 2018. The average sale price of existing homes was $245,370. This represents an increase of 18.2% from the July 2018 average price of $207,554.
For new construction, 4 sales occurred in July, down from 19 units the prior year, a decrease of 78.9%. The average sale price of new homes in July was $337,721, up 1.8% from the same period last year.
A total of 115 contracts for sale were written in July 2019, up from 93 in July 2018. This is an increase of 23.7%. 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 286 units at the end of July, which is up from 247 homes that were on the market at the end of July last year. At the current rate of sales, this figure represents 3.1 months' supply of homes on the market.
According to Greta Carter-Wilson, President of the Lawrence Board of REALTORS®, “Our “Spring Market” started slower and a bit later than normal, which now appears to be pushing home sales further into the year. Typically, we see peak sales during the early summer months with a slowdown in late summer. This year, more contracts were written in July 2019 than July 2018, and August closings are trending ahead of last year.”
“We are still experiencing upward price pressure in the 250k and under range, where we still see very low inventory. At the same time we’re seeing the 500K and over re-sale homes with much longer days…months actually, on the market. It also appears that some buyers are not finding the right home in their desired price point so they are moving up in price to find the right home. This is possible because recent drops in interest rates are helping consumers qualify for higher priced homes. Even with lower rates, Lawrence continues to lose future home owners to the rental market due to affordability issues.”
“Overall, the real estate market is predicted to start to “normalize” with increased supply and greater balance between buyers and sellers. However, it may not feel like we’re marching to normal since the recent past has been such a crazy Sellers’ market.”
For questions and/or comments, please contact LBOR President Greta Carter-Wilson at 785-550-4844 or GretaCW@KW.com.
Complete statistical summaries for Lawrence and Douglas County are available at https://www.lawrencerealtor.com/marketstatistics.