May 23, 2016
Homes sales rose by 10.5% in April compared to the prior year. Sales in April 2016 totaled 126 units, up from 114 in 2015.
Among existing homes, 117 units sold in April, an increase of 9.3% from 107 units that sold in 2015. The average sale price of existing homes was $188,359. This represents an increase of 0.9% from the April 2015 average price of $186,651.
For new construction, 9 sales occurred in April, up from 7 units the prior year, an increase of 28.6%. The average sale price of new homes in April was $361,771, down 3.5% from the same period last year.
A total of 174 contracts for sale were written in April 2016, up from 172 in April 2015. This is an increase of 1.2%. 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 250 units at the end of April, which is down from 346 homes that were on the market at the end of April last year. At the current rate of sales, this figure represents 2.0 months’ supply of homes on the market.
According to Carl Cline, President of the Lawrence Board of REALTORS®, “we have tight supply in the Lawrence housing market, especially in the lower price range. High demand in areas of short supply creates competition, drives prices upward, and lowers the amount of time homes remain available in the market. The pace of this market can be challenging for everyone. REALTORS® are in peak performance mode, and are sleeping with one eye open. Buyers need guidance to understand what it takes to compete and be in a position to win. And Sellers are not invincible. Prices are fluid, condition matters, and timing is everything. A well-coordinated listing strategy can result in multiple offers, possibly over list price.”
For questions and/or comments, please contact LBOR President Carl Cline at 785-218-1340 or firstname.lastname@example.org.
Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/market-statistics/.