The new year continues it's strong pace through February. The Lawrence real estate market has some major momentum heading into the spring market. After all that cold and snow, the temps are warming up and so are home sales!
While average price did decrease just a little from January, that was to be expected. But overall, home prices are up 18.6% already this year! This is good news for home sellers, maybe not-so-great news for home buyers. Inventory is still low, and this market condition is bound to persist through spring and through the rest of the year. We are currently sitting at a mere 0.9 months-of-supply.
All of the stats that follow are sourced from the Lawrence MLS. What follows is a look at some market numbers specifically within the city limits of Lawrence:
Month-over-Month
- February home sales increased 13.5% from the previous month (59 homes sold)
- Average price decreased 4.3% in February vs. the previous month, down to $358K
- Average Days-on-Market was down 33% at 39 Days-on-Market
- 69 homes were listed in February, an increase from 62 listed in January
- List-Price-to-Sales-Price Ratio for January was 98.3%
- Average Per-Square-Foot in January was 183/sq.ft.
Year-over-Year
- Home sales were down 1.7% in February '25 vs February '24, an decrease of 1 home sold
- Average Price was up YOY 7.8% compared to February '24
- Dollar Volume was up 6.5% vs February '24 for a total of $21.2M in the month
- The 69 homes listed last month was a 15.9% decrease vs. February '24
- Average Per-Square-Foot was up 3.3% in February '25 vs. February '24
YTD
- Homes Sales are up 9.9% YTD through February; an increase of 10 homes sold this year
- Average Price is up 18.6% this year
- Average DOM is up from 35 Days to 45 Days, a 22.2% increase
- 131 Homes have been listed so far this year, a 5.8% decrease from last year
- Dollar Volume is up 30.1% YTD for a total of $40.6M
- Average Per-Square-Foot for the year is at $184/sq.ft., up from $177/sq.ft. in 2023
Active Properties
- There are 68 "Active" properties in Lawrence, a decrease of 20% since my last update
- There are 78 properties currently listed as "Under Contract" which is an increase of 4% since my last update
- Months-of-Supply: There is currently 0.9 months-of-supply in Lawrence
Average time-on-market is up this year. But this number can vary wildly and can change depending on the types of homes hitting the market. Expect this number to decrease a little heading into next month's update. We've sold a few homes in town in a mere 24 hours in the past month!
So far, home sales are up for the year. Listings, however, are down almost 6%. I think that maybe has to do with the cold & snow we saw for much of the month of February. Home sellers have been holding off and waiting for the right weather. That time is now!
Stay tuned to R+K Real Estate for great new content, updates, advice, opinions and more in 2024. We plan to continue our advance of transparency, consumer advocacy, and empowering our clients with alternate business models designed to provide high levels or real estate service with drastically reduced commissions!
-Ryan Desch, Broker/Owner R+K Real Estate Solutions
