December 18, 2015
Homes sales fell by 23.2% in November compared to the prior year. Sales in November 2015 totaled 53 units, down from 69 in 2014.
Among existing homes, 50 units sold in November, a decrease of 18.0% from 61 units that sold in 2014. The average sale price of existing homes was $173,111. This represents a decrease of 8.8% from the November 2014 average price of $189,850.
For new construction, 3 sales occurred in November, down from 8 units the prior year, a decrease of 62.5%. The average sale price of new homes in November was $322,600, down 6.4% from the same period last year.
A total of 63 contracts for sale were written in November 2015, down from 64 in November 2014. This is a decrease of 1.6%. 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 295 units at the end of November, which is down from 323 homes that were on the market at the end of November last year. At the current rate of sales, this figure represents 5.6 months’ supply of homes on the market.
According to Crystal Swearingen, President of the Lawrence Board of REALTORS®, “It’s been a great year with sales up overall. We experienced a lack of inventory throughout the year, but overall we saw an increase in home prices, lower average days on market, and an increase in new construction activity.”
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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