Home sales rose 17.8 percent in August, marking the sixth consecutive month of increased sales for the Lawrence real estate market.

A total of 106 units sold in Lawrence in August 2015, up from the 90 units sold in 2014. Among existing homes, 95 units sold in August, an increase of 17.3 percent from 81 units that sold in 2014. The average sale price of existing homes was $191,572. This represents an increase of 1.5 percent from the August 2014 average price of $188,662. 

For new construction, 11 sales occurred in August, up from nine units the prior year, an increase of 22.2 percent. The average sale price of new homes in August was $291,790, down 0.7 percent from the same period last year. 

While sales were strong in August, both the total number of contracts and the inventory of active listings were down. Seventy-one contracts were written last month compared to 84 in August 2014 – a drop of 15.5 percent. Contracts written during the month reflect, in part, sales that will close in the near future, and can sometimes indicate what sales will look like in the upcoming month.

“Inventory levels continue to be a concern and may very well be the lone reason for a decrease in the number of contracts written during August,” said Crystal Swearingen, President of the Lawrence Board of Realtors. “Lower inventory levels can also cause upward pressure on prices.”

The inventory of active listings in the City of Lawrence stood at 322 units at the end of August, which is down from 414 homes that were on the market at the end of August last year. At the current rate of sales, this figure represents three months’ supply of homes on the market.

Swearingen said that the upside of low inventory is that current home sellers are benefitting from less competition and homes that are on the market are selling more quickly. The average number of days on the market for homes in 2015 in the Lawrence area was 55 days as of Sept. 1, which is 20 percent lower than the same date last year.

“All this being said, a well-priced home in great condition will attract buyers in almost any market, and unfortunately not even the best of markets can help a poorly priced home in poor condition appear desirable,” said Swearingen.