Homes sales in the City of Lawrence rose by 2.1% in March compared to the prior year. Sales in March 2018 totaled 99 units, up from 97 in 2017.
Among existing homes, 92 units sold in March, an increase of 5.7% from 87 units that sold in 2017. The average sale price of existing homes was $231,372. This represents an increase of 21.6% from the March 2017 average price of $190,320.
For new construction, 7 sales occurred in March, down from 10 units the prior year, a decrease of 30.0%. The average sale price of new homes in March was $269,036, up 6.1% from the same period last year.
A total of 142 contracts for sale were written in March 2018, down from 172 in March 2017. This is a decrease of 17.4%. 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 188 units at the end of March, which is down from 229 homes that were on the market at the end of March last year. At the current rate of sales, this figure represents 1.9 months’ supply of homes on the market.
According to Henry Wertin, President of the Lawrence Board of REALTORS®, “With limited inventory, prices are on the rise, and 1st time home Buyers are saying how difficult it is to save for the down payment of a home. This creates a situation we need to be aware of, we are ultimately working towards a culture of home Buyers, not of home Renters.
The lack of inventory is also driving the Consumers to be more strategic in planning how to navigate the market, as well as holding Real Estate Agents to a new level of Professionalism as the Market becomes dominated by the Sellers.
As spring continues to unfold right before our eyes the energy of the Buyers and Sellers is incredibly competitive and strategic.”
For questions and/or comments, please contact LBOR President Henry Wertin at 785-843-2055 or henrywertin@askmcgrew.com.
Complete statistical summaries for Lawrence and Douglas County are available at http://www.lawrencerealtor.com/marketstatistics
