This home at 726 Louisiana Street in downtown Lawrence is listed at 75,000. July market statistics from the Lawrence Board of Realtors show prices and sales are on the rise.

The summer season has been hot for the Lawrence real estate market, and July was no exception, with numbers up nearly across the board. New construction, which experienced its first increase in a long time in June, saw continued growth in July as well.

“People were still out buying in July and getting more home for their money due to the lower interest rates,” said Crystal Swearingen, President of the Lawrence Board of Realtors. “The market is again improving with more home sales this July over July last year. Some of the best news is showing up in new construction.” 

Home sales in Lawrence totaled 170 units in July 2015, up from 148 in 2014, representing an increase of 14.9 percent. Among existing homes, 157 units sold in July, an increase of 12.1 percent from 140 units that sold in 2014. The average sale price of existing homes was $198,117. This represents an increase of 9.9 percent from the July 2014 average price of $180,235.

For new construction, 13 sales occurred in July, up from eight units the prior year, an increase of 62.5 percent. The average sale price of new homes in July was $311,038, down 16.7 percent from the same period last year.

“New construction is staying strong, and new home listings are up 28 percent from last year,” said Swearingen. “We are seeing an increase in new construction in the city and even in already developed areas.”

Swearingen said that local realtors have also recently noticed an overall jump in the price ranges that are being considered by first time homebuyers.

“Where we used to think under $125,000, people are coming into the market at $140,000,” said Swearingen.

There were a total of 108 contracts for sale written in July 2015, up from 97 in July 2014. This is an increase of 11.3 percent. Contracts written during the month reflect, in part, sales that will close in the near future.

The inventory of active listings in the city of Lawrence stood at 316 units at the end of July, which is down from 417 homes that were on the market at the end of July last year. At the current rate of sales, this figure represents merely 1.9 months’ supply of homes on the market.  A balanced market will have 5 to 6 months’ supply of homes on the market.