August 24, 2015
Homes sales rose by 14.9% in July compared to the prior year. Sales in July 2015 totaled 170 units, up from 148 in 2014.
Among existing homes, 157 units sold in July, an increase of 12.1% from 140 units that sold in 2014. The average sale price of existing homes was $198,117. This represents an increase of 9.9% from the July 2014 average price of $180,235.
For new construction, 13 sales occurred in July, up from 8 units the prior year, an increase of 62.5%. The average sale price of new homes in July was $311,038, down 16.7% from the same period last year.
A total of 108 contracts for sale were written in July 2015, up from 97 in July 2014. This is an increase of 11.3%. 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 316 units at the end of July, which is down from 417 homes that were on the market at the end of July last year. At the current rate of sales, this figure represents merely 1.9 months’ supply of homes on the market. A balanced market will have 5 to 6 months’ supply of homes on the market.
According to Crystal Swearingen, President of the Lawrence Board of REALTORS®, “The market is again improving with more home sales this July over July last year. Some of the best news is showing up in new construction. New home sales are up 21%, new home listings are up 28%, contracts written are up 32%, and overall sales volume is up 23%. Overall home values are being helped with both the median and average sale prices showing small gains for the year.”
For questions and/or comments, please contact LBOR President Crystal Swearingen at CrystalSwearingen@askmcgrew.com or 785-550-3424.
Complete statistical summaries for Lawrence and Douglas County are available at http://MLSStats.LawrenceRealtor.com.
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