It may be hard to believe, but May is here! It's the busiest month of real estate throughout the entire year. There is a lot of volatility and unpredictability in all of the markets out there. Real estate has been no different. But one thing we have come to count on is low housing inventory. Such has been the situation in Lawrence for some time now, and I'm sorry to say that's it's not gotten any better. In fact, as our market update will show, this pressure-cooker market has only gotten hotter through the end of April. Here are some key stats:
- Homes sold in Lawrence are down 4% in 2022 compared to the same time last year
- Average Sales Price has risen to an all-time high of $317,000
- Median Sale Price has risen to an astounding $300,000!
- Median Days-on-Market remains at 4 Days
- Price-per-square-foot has reached an average of $165/sq.ft.
- There were 5 fewer sales in April 2022 compared to April 2021
- Average Sales Price in the Month of April was $345,000, an increase of 16.5% from April 2021
- Median Sale Price in the Month of April was $320,000, an increase of 25.5% from April 2021
- Sale Price to List Price Ratio for April was 102.44%
As one can clearly see, there is no slowing down in the current market climate. However, things don't tend to stay quite this hot once we get past the month of May. As interest rates continue to rise, values continue to rise, and we near the mid-point of the year where some buyers begin to take themselves out of the market, things will begin to cool ever-so-slightly. Many buyers who are currently renting need to find a home soon or they will have to re-sign a lease. If they can't land something soon, they'll most likely hold off until either the Fall, or 2023. That will certainly open things up for some other buyers who have more flexibility. I'm predicting that by Father's Day, the market will have reached it's plateau for this year.
The Lawrence real estate market is nothing if not interesting! Katie and I have been working with a number of buyers this year. While each one has written several offers along the way, we're finding the right home for all of them! It's always interesting when they finally land the right one. Somehow, it feels like it's meant to be! For our seller clients, it's nearly always precisely what we expect: Multiple offers and sold within days! Each transaction is different, and we never stop learning with each and ever one!
Stay tuned to R+K Real Estate for great new content, updates, advice, opinions and more in 2022. 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!
If you're looking for help navigating the market as a Buyer, click here.
If you're looking for help navigating the market as a Seller, click here.