- Total Lawrence Home Sales in April to date for 2021: 48 At this same point in 2020 there were 59 total sales; a decrease of 23%
- YTD Total Home Sales are at 252. Through this point in 2020 we saw 286 sales; a decrease of 13.5%
- Average sale price in 2021 is $278,000. Median is $245,000
- Compared to 2020: Average sale price in 2020 overall was $261,000, Median was $236,000
- Average Price has increased 6.5%, Median increased 3.8%
- There are 59 Homes Currently Active on the Market in Lawrence today.
- In 2020 there were 552 total houses listed through April. So far in 2021 there have been 385 new listings which is a decline of over 40%!
- Median DOM in 2020 was 7. In 2021 it is down to 4.
- Avg per-sq-ft in 2021 is clocking in at $145. In 2020 $135
- Total homes listed in March this year was 159, so far in April it’s only 71.
- So far for April homes are selling at almost 102% of List Price.
2021 is shaping up to be a wild year in the Lawrence real estate market! The numbers above can certainly paint a picture, but this is probably the first year that I've been in the business where I could truly say that the numbers don't come close to telling the whole story. In order to more accurately describe the current reality, I'll convey the story of a current client. We just made our second offer on a home after losing on the first offer. This time around we were $65,000 OVER ASKING PRICE! And we lost. There were 17 offers total. I do not yet know what it actually sold for and I most likely won't know until it officially closes. This is the market reality that many buyers are currently facing.
And I really wish it wasn't this way. It's really hard for home buyers who are doing all they possibly can to land a home. And while sellers are enjoying selling at a high price, it's hard for many of them too. It's certainly no fun to say no to 16 people. People who made great offers that would have been a sure thing a year ago. And many sellers do turn around and buy another home. They then face the same obstacles. In fact, I believe this is why many home owners are choosing not to sell at all. I think we're in a bit of a vicious cycle, and it's hard to say exactly what's going to break it or exactly what just might cool this market. Rising rates? Increases in new construction? It's probably going to take much more that just that, in my opinion.
So far, we don't seem to be running into too many appraisal issues. That's good. But as the numbers continue to come in, it's going to be really interesting as the year progresses. with homes selling over 100% of list prices, on average. I'm anticipating that number continues to grow well beyond levels never seen before in Lawrence. I predict that the challenge for buyers is going to remain for the rest of 2021, and beyond. Stay tuned!
-Ryan Desch, Broker/Owner
