September 16, 2019
Lawrence Board of REALTORS® Releases Home Sales Figures for August 2019
Homes sales in the City of Lawrence rose by 35.6% in August compared to the prior year. Sales in August 2019 totaled 137 units, up from 101 in 2018.
Among existing homes, 126 units sold in August, an increase of 35.5% from 93 units that sold in 2018. The average sale price of existing homes was $240,998. This represents an increase of 23.4% from the August 2018 average price of $195,291.
For new construction, 11 sales occurred in August, up from 8 units the prior year, an increase of 37.5%. The average sale price of new homes in August was $279,641, down 18.7% from the same period last year.
A total of 98 contracts for sale were written in August 2019, up from 85 in August 2018. This is an increase of 15.3%. 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 276 units at the end of August, which is up from 253 homes that were on the market at the end of August last year. At the current rate of sales, this figure represents 2.9 months' supply of homes on the market.
According to Greta Carter-Wilson, President of the Lawrence Board of REALTORS®, “Statistics show that buyers took full advantage of very low interest rates as sales for both re-sale and new construction were up this August compared to August of 2018. Other exciting news is that the number of contracts written for the month was up for the second month in a row. Although homes sales were up and there was a slight growth of inventory, the Lawrence housing market is still constrained by a lack of inventory.”
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.