School is out, summer is here, and the inevitable slowing-down of the real estate market from the spring market begins.
The end of May is typically the soft cap to the high activity seen in spring. In years with hotter markets, high activity can persist past this point. But usually by Father's Day there is a very noticeable slow-down. Taking a look at this year's numbers, that seems to be where we are heading at the moment.
But so far, this has been a very strong year in the Lawrence Market. Almost all markers are positive: Sales are up, listings are up, prices are up and total market dollar volume is up. Through May, prices have risen year-to-date by 3.4% and home sales have increased over 11%. At 1.6 months-of-supply, we are still firmly in Seller's Market territory.
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
- May home sales increased 41.2% from the previous month (137 homes sold)
- Average price increased 7.0% in May vs. the previous month, up to 378.3K
- Average Days-on-Market was down 15% at 17 Days-on-Market
- 151 homes were listed in May, 11 fewer than listed in April
- List-Price-to-Sales-Price Ratio for the month was 100.4%
- Average Per-Square-Foot was 197/sq.ft., a MoM increase of 5.3%
Year-over-Year
- Home sales were up 9.6% in May '25 vs May '24, an increase of 12 homes sold
- Average Price was up YoY 6.8%
- Dollar Volume was up 17.2% for a total of $51.8M in the month
- The 151 homes listed last month was a 21.8% increase YoY
YTD
- Homes Sales are up 11.2% YTD through May; an increase of 42 homes sold this year
- Average Price is up 3.4% this year
- Average DOM is up from 22 to 30 Days, a 36.4% increase
- 590 Homes have been listed so far this year; increase of 12.6% from last year
- Dollar Volume is up 14.9% YTD for a total of $152.6M
- Average Per-Square-Foot for the year is at $191/sq.ft., up from $185/sq.ft. in 2024
Active Properties
- There are 129 "Active" properties in Lawrence, a decrease of 6.5% since my last update
- There are 124 properties currently listed as "Under Contract" which is a decrease of 29.2% since my last update
- Months-of-Supply: There is currently 1.6 months-of-supply in Lawrence
Looking at the "Active Properties" section shows a clear slow-down here at the beginning of June. Fewer active properties, fewer houses under contract, and a slight increase in months-of-supply from the last update. However, there's no need to despair! The market is clearly up from last year and May's numbers were remarkably strong across the board.
Heading into summer, there should still be lots of market activity. The good news for buyers going forward is that price gains for the year are probably already realized and should stabilize going forward with less competition and enough inventory to choose from. Sellers should feel pretty good about things with kind of numbers we're discussing here. There is plenty of opportunities for all as 2025 reaches the mid-way point!
Stay tuned to R+K Real Estate for great new content, updates, advice, opinions and more in 2025. 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
