Hello and Happy New Year! This is my first blog of the New Year 2014. Last year was another strong year for the local housing market. I thought I would share with you the Lawrence Board of Realtors "Release of Homes Sales Figures" in order to provide you with a complete picture.
Lawrence Board of RealtorsÒ
3838 W. SIXTH ST., LAWRENCE, KANSAS 66049 / (785) 842-1843 / www.LawrenceRealtor.com
Residential Home Sales in Lawrence show strong gains in 2013!
According to Susan Bonham, 2014 President of the Lawrence Board of REALTORS®,
“The December statistics show there was a slight drop in the sales volume and in the total units sold for the month. However, overall for the year, we are very encouraged about the fact that the 2013 housing market continued to show growth. There was a 17 % increase in the number of homes sold, and the dollar volume was also up by 26% for the year. We’ve now seen a strong and steady pattern of improvement, year over year, for the past two years.”
Despite strong results for the entire year, homes sales fell by 19.7% in December compared to the prior year. Sales in December 2013 totaled 57 units, down from 71 in 2012. Among existing homes, 56 units sold in December, a decrease of 6.7% from 60 units that sold in 2012. The average sale price of existing homes was $195,397. This represents a decrease of 1.8% from the December 2012 average price of $199,031. For new construction, just 1 sale occurred in December, down from 11 units the prior year, a decrease of 90.9%. The average sale price of new homes in December was $339,900, up 30.5% from the same period last year.
Bonham added, “Another exciting statistic we observed last year was the list price to sales price percentage. Sellers welcomed the improving trend and realized an average of 97% of the asking price for resale homes, and 100% of the list price for newly constructed homes. The inventory is still one aspect of our market that needs to be increased. As a result, this is a great time for sellers to call their REALTOR to sell their home.”
The inventory of active listings in the City of Lawrence stood at 303 units at the beginning of December, which is down from 369 homes that were on the market at the beginning of December last year. At the current rate of sales, this figure represents 5.3 months' supply of homes on the market. Typically, a 6 month supply of inventory represents a balanced market. A shortage in inventory causes upward pressure on home prices. Inversely, an abundance of inventory puts downward pressure on home prices as Sellers compete for interested Buyers.
Looking ahead, “the forecast for the local housing market in 2014 predicts steady growth” according to Bonham.
A total of 46 contracts for sale were written in December 2013, up from 45 in December 2012. This is an increase of 2.2%. Contracts written during the month reflect, in part, sales that will close in the near future.
Complete summaries of MLS statistics for the City of Lawrence & Douglas County are available at:
· City of Lawrence Home Sales Statistics - http://goo.gl/9aogew
· Douglas County Home Sales Statistics - http://goo.gl/UVlgCo
For questions and/or comments, please contact LBOR President Susan Bonham at firstname.lastname@example.org or 785-373-7070.
Rob Hulse, RCE
Lawrence Board of REALTORS®
Lawrence Multiple Listing Service
LBOR ID - 4150
3838 W. 6th St., Lawrence KS 66049