January 14, 2019
Lawrence Board of REALTORS® Releases Home Sales Figures for December 2019
Homes sales in the City of Lawrence rose by 39.4% in December compared to the prior year. Sales in December 2019 totaled 92 units, up from 66 in 2018.
Among existing homes, 86 units sold in December, an increase of 45.8% from 59 units that sold in 2018. The average sale price of existing homes was $237,124. This represents an increase of 11.5% from the December 2018 average price of $212,695.
For new construction, 6 sales occurred in December, down from 7 units the prior year, a decrease of 14.3%. The average sale price of new homes in December was $264,682, down 30.7% from the same period last year.
A total of 58 contracts for sale were written in December 2019, up from 44 in December 2018. This is an increase of 31.8%. 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 219 units at the end of December, which is unchanged from the end of December last year. At the current rate of sales, this figure represents 2.2 months' supply of homes on the market.
According to Ryan Desch, President of the Lawrence Board of REALTORS®,”Sales of homes in Lawrence fell overall in 2019 despite an abnormally strong December. Historically low inventory continues in Lawrence, reflected in ongoing trends nation-wide. The result has been yet another year of increasing median and average home sale prices, albeit at a lower level of inflation compared to 2018. Average Days-on-Market remains low. This might come as news to home sellers priced above $350,00, as new construction and other market factors are leading to a drastically different marketspace in those price ranges. Look for a continuation of 2019 trends well into 2020 as this “Pressure-cooker” market continues to make navigating the market difficult for most home-buyers. It’s never been more important than it is right now to hire a trusted REALTOR to help buy or sell a home.”
For questions and/or comments, please contact LBOR President Ryan Desch at 7852181975 or firstname.lastname@example.org.
Complete statistical summaries for Lawrence and Douglas County are available at https://www.lawrencerealtor.com/marketstatistics.