County home sales pick up pace

Market marks busiest month of '04

Douglas County homes were selling at a near-record pace in May despite rising interest rates.

With 279 houses sold, May became the busiest month of 2004. That was up from April’s 171 sales, the previous monthly high, according to information from the Douglas County Appraiser’s Office.

Real estate executives said 2004 could top the record number of sales made last year.

“If you would have asked me on January 1, I would have said that we wouldn’t have a year as good as 2003 because we all knew interest rates were going up,” said Gary Nuzum, managing broker with Coldwell Banker McGrew Real Estate.

Instead, the interest-rate increase — they’re up about 1 percent since January — spurred people to buy.

“I knew when rates started to rise that would get a lot of people off the fence,” Nuzum said. “But what surprised me is the amount of that surge.”

In Lawrence, 225 homes were sold, up from 142 in April but down from 265 in May 2003.

“I think the big difference is that people’s attitudes have improved,” said Larry Midyett, owner and broker at Century 21 Miller & Midyett. “They feel more comfortable about making a big purchase.”

The 279 sales also represent the second-best May in Douglas County. The record was in 2003, when 318 sales were made.

For the year to date, sales countywide were down about 3 percent from 2003. This year, 760 houses were sold from Jan. 1 through May 31, down from 783 during the period a year ago.

Nuzum said the industry was back on pace after a slow start due to rough winter weather.

“May was actually a record month for our business, and it looks like we’ll beat that record in June,” he said.

Average sale prices also increased, according to the county’s report. The average price in Douglas County was $175,952 in May, up 9.6 percent from $160,456 in May 2003.

Here’s a geographical look at the number of sales, average sale prices and how they compared to May 2003:

  • Lawrence — 219 sales, down from 251; $177,589, up from $163,706.
  • North Lawrence — Six, down from 14; $114,669, up from $102,716.
  • Baldwin — 16, down from 14; $174,472, up from $132,171.
  • Eudora — 25, down from 28; $155,634, up from $140,472.
  • Rural — 13, up from 11; $217,545, down from $246,693.