June 15, 2015
Homes sales rose by 25.2% in May compared to the prior year. Sales in May 2015 totaled 169 units, up from 135 in 2014.
Among existing homes, 163 units sold in May, an increase of 33.6% from 122 units that sold in 2014. The average sale price of existing homes was $199,451. This represents an increase of 9.1% from the May 2014 average price of $182,797.
For new construction, 6 sales occurred in May, down from 13 units the prior year, a decrease of 53.8%. The average sale price of new homes in May was $287,525, down 0.2% from the same period last year.
A total of 133 contracts for sale were written in May 2015, down from 144 in May 2014. This is a decrease of 7.6%. 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 349 units at the beginning of May, which is down from 451 homes that were on the market at the beginning of May last year. At the current rate of sales, this figure represents 2.1 months’ supply of homes on the market.
According to Crystal Swearingen, President of the Lawrence Board of REALTORS®, “Sales are up, sale prices are up, and homes are selling more quickly! However, we still need more homes available for buyers to balance our market. Right now we have 100 fewer homes on the market than we had this same time last year. The decrease in inventory is a significant reason why the amount of contracts written was down 7% from last May. Despite the decrease in the number of homes available, the housing market continues to outperform last year, both locally and nationally.”
For questions and/or comments, please contact LBOR President Crystal Swearingen at CrystalSwearingen@askmcgrew.com or 785-550-3424.
Complete statistical summaries and reports for Lawrence and Douglas County are available at http://MLSStats.LawrenceRealtor.com.
For questions and/or comments, please contact LBOR President Crystal Swearingen at CrystalSwearingen@askmcgrew.com or 785-550-3424.
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