Home sales set record for May
Lawrence real estate official cites low mortgage rates for increase
Boosted by low mortgage interest rates, the number of homes sold in Lawrence and North Lawrence set a record for the month of May, according to the Douglas County Appraiser’s Office.
A total of 265 single-family homes were sold in May, a 21 percent increase from last year’s total of 218. Countywide, there were 318 sales, up nearly 27 percent from a year ago.
“We’ve been blessed with some very good mortgage rates for some time now,” said Paul Forio, president of the Lawrence Board of Realtors. “Those who aren’t refinancing are finding that they can buy up (to a more expensive house) because of the rates.”
With rates on 30-year mortgages with no points hovering between 5 percent and 6 percent, more first-time home buyers are getting into the market, too. That means demand is strong for lower-priced homes. Forio said houses priced from $150,000 and less have been quick sellers. That means buyers often have to move quickly to purchase such houses.
“You see a lot of that moving, more so than the real high-dollar stuff, for sure,” he said. “And that makes sense, because that’s what most households can afford.”
Despite that, average sale prices were up from a year ago. The average price in Lawrence was $163,706, while the countywide average was $160,456. That was up from $159,566 in Lawrence during May a year ago, and $155,390 countywide.
The May 2003 totals also were up from a month earlier. In April, 118 houses were sold in Lawrence and North Lawrence; 147 were sold countywide. But average sale prices were higher in April, at $166,291 in the city and $168,736 countywide.
Here’s a look at the rest of the county’s report for May:
- In Lawrence, there were 16 condominium sales at an average price of $116,211, and 15 sales of multifamily properties at an average price of $173,290.
- In North Lawrence, the 14 single-family home sales during May were at an average price of $102,716. A year ago, there were six sales averaging $101,417.
- Baldwin had 14 home sales at an average price of $132,171. A year ago, there were 10 sales at $131,340.
- Eudora had 28 home sales at an average price of $140,472. A year ago, there were 15 sales at $123,796.
- Rural Douglas County had 11 home sales at an average price of $160,456. A year ago, there were eight sales at $170,763.
| Here’s a look at the number of homes sold in Lawrence and North Lawrence during May for the past six years:¢ 2003 — 265¢ 2002 — 218¢ 2001 — 182¢ 2000 — 169¢ 1999 — 140¢ 1998 — 146 |

