Advertisement

LJWorld.com weblogs Town Talk

Home sales and home prices both continue to rise in Lawrence

Advertisement

Lawrence's real estate market seems to be returning to its past form, which may mean another annual tradition will return: Notices from the Douglas County appraiser's office that your home's tax value has increased.

The latest numbers from the Lawrence Board of Realtors show July was another strong month for home sales in the city. Real estate agents sold 141 homes in July, up about 15 percent from July 2012 and nearly 64 percent from July 2011.

For the year to date, real estate agents have sold 695 homes, which is a 25 percent increase from the same period a year ago and a nearly 50 percent increase from the same period in 2011.

But the more interesting numbers are found in the selling price data. With seven months of figures in the books, it is now time to start paying attention to pricing trends. In summary, they're up.

Through July, the median selling price on homes in Lawrence has been $168,900. That's an increase of 5.9 percent from the same period of 2012. It also marks a turnaround in the market. At this time last year, home prices were down 5.6 percent compared to 2011. In other words, it looks like home values have found their bottom in Lawrence, and now are on a fairly steady climb.

If that trend holds, it seems likely those higher prices will be reflected in the tax values that are calculated by the Douglas County Appraiser's office. The appraiser's office hasn't provided any guidance yet on what home owners should expect this spring when they get their change of value notices. But the office has been running its own reports on home sales, and it is showing an increase in selling prices as well. Countywide, selling prices are up about 5 percent, according to the county's data.

That doesn't necessarily mean the average property should expect to see its taxable value increase by 5 percent. But an increase is a real a possibility this year, when in the past couple of years falling or stagnant values were more the norm. The second half of the year will be key, because the appraiser's task is to determine the value of the property on Jan. 1. If interest rates rise and housing demand slows in the second half of the year, that will change the equitation considerably.

As for other numbers in the Board of Realtors' report, here's a look:

• Year-to-date, real estate agents have sold 62 newly constructed homes. That's up almost 41 percent from last year.

• Through July, the median days-on-market for a house is 42, down from 60 in 2012.

• Total sales volume for the year thus far is $140.5 million, up 33 percent from the same period a year ago.

• The number of active listings on the market at the end of July was 437, down from 500 at the time period in 2012.

• The number of pending contracts at the end of July stood at 124, which is down from 136 at the end of July 2012. That may mean August numbers will be down a bit from August 2012 numbers.

Comments

Steve Jacob 7 months, 3 weeks ago

Interest rates where so low for years and no one jumped in, you had to assume people would hurry up and buy right before rates where going up, and that's what happened the first half of 2013. This is what a recovery looks like, higher gas and home prices.

0

Steve Jacob 7 months, 3 weeks ago

Interest rates where so low for years and no one jumped in, you had to assume people would hurry up and buy right before rates where going up, and that's what happened the first half of 2013. This is what a recovery looks like, higher gas and home prices.

0

oneeye_wilbur 7 months, 3 weeks ago

How are home prices rising if the house is selling below the county value and the listing price?

duh>?

Nationwide, in july I do believe new home sales are declining. Mortgage rates have just gone up.

I would like to see if Chad can truly document that home prices are rising above the county value. I don't think he can do that.

What about Eudora, Chad knows about Eudora. There are houses over there selling cheaper than in Lawrence. Foreclosures for that matter.

Give some specific examples instead of the local realtors spinng the issue. They don't care if the house sells above or below, after all, they get $60 per thousand of the sale price. It is the seller who comes up short.

Do the math.

And the owners are needing to do certain repairs so the house can quality for FHA loans.

It is not as great as some think. Check the sales prices in your neighborhoods and then question me when the county wants to raise your valuation based on sales. Suckers every day in Lawrence.

0

mikekt 7 months, 3 weeks ago

Look at it from the interest rate perspective...... and what do you see ?

How about a Federal Government, that can't keep cheap money to be borrowed available, to prop up the economy, forever ......nor might it need to do that forever l..

Translated......if I were thinking about buying a house with a cheap loan, I'd be looking at a big risk if i was not buying it now, as the cost of borrowing could go up substantially, in the near future .

This might just be the last of cheap interest rate money looking for a place to be spent on a home ?.....as a significant rise in interest rates in an economy left to direct itself, without the federal printing presses aiding it along, might price allot of folks right out of the home market !

0

Richard Heckler 7 months, 3 weeks ago

What is there to celebrate about home prices rising?

Do we want the powers that be to once again inflate the values of our homes so we homeowners can pay more taxes? To the point that in reality homes never produce a profit.....for the homeowners.

Do we people of Lawrence want to encourage another cost of living increase? That seems counter productive.

0

neworleans 7 months, 3 weeks ago

Truth is; houses are not selling; ...............this is just a crap article written...

0

oneeye_wilbur 7 months, 3 weeks ago

For starters, 1610 w 28th terr county value $171,000 + listed for 169,900 sold for 166,500 owner had to put new roof on. Cost 3,500

1340 mass a year ago. Countyvalue131,000soldfor 40,000 complete overhaul now

Anyone that does not believe there is a spin, do your homework.

The JW and realtors are not disclosing the facts. The JW used to show sold prices, why not now?

0

chicago95 7 months, 3 weeks ago

Here are the last ten years' data, extracted from http://www.fhfa.gov/webfiles/25470/2q13hpi_cbsa.csv . (Note that recent quarters are likely to be revised in subsequent reports.)

MSA FIPS Year Qtr Index Std Err Lawrence, KS 29940 2003 3 156.05 (1.54) Lawrence, KS 29940 2003 4 159.50 (1.64) Lawrence, KS 29940 2004 1 162.53 (1.67) Lawrence, KS 29940 2004 2 164.39 (1.67) Lawrence, KS 29940 2004 3 166.59 (1.74) Lawrence, KS 29940 2004 4 169.49 (1.79) Lawrence, KS 29940 2005 1 173.26 (1.87) Lawrence, KS 29940 2005 2 175.53 (1.87) Lawrence, KS 29940 2005 3 177.89 (1.87) Lawrence, KS 29940 2005 4 177.37 (1.93) Lawrence, KS 29940 2006 1 177.61 (1.99) Lawrence, KS 29940 2006 2 181.62 (1.92) Lawrence, KS 29940 2006 3 180.21 (1.93) Lawrence, KS 29940 2006 4 183.33 (2.00) Lawrence, KS 29940 2007 1 184.54 (2.05) Lawrence, KS 29940 2007 2 183.37 (1.96) Lawrence, KS 29940 2007 3 182.99 (1.96) Lawrence, KS 29940 2007 4 183.74 (2.01) Lawrence, KS 29940 2008 1 185.46 (1.95) Lawrence, KS 29940 2008 2 183.57 (1.98) Lawrence, KS 29940 2008 3 180.32 (1.99) Lawrence, KS 29940 2008 4 182.37 (2.11) Lawrence, KS 29940 2009 1 181.87 (1.90) Lawrence, KS 29940 2009 2 178.57 (1.87) Lawrence, KS 29940 2009 3 179.06 (1.98) Lawrence, KS 29940 2009 4 177.72 (1.94) Lawrence, KS 29940 2010 1 175.29 (2.03) Lawrence, KS 29940 2010 2 174.87 (1.98) Lawrence, KS 29940 2010 3 176.39 (1.89) Lawrence, KS 29940 2010 4 177.05 (1.92) Lawrence, KS 29940 2011 1 173.30 (2.07) Lawrence, KS 29940 2011 2 174.10 (2.08) Lawrence, KS 29940 2011 3 174.37 (1.94) Lawrence, KS 29940 2011 4 175.95 (1.97) Lawrence, KS 29940 2012 1 175.54 (2.01) Lawrence, KS 29940 2012 2 173.82 (2.01) Lawrence, KS 29940 2012 3 174.02 (1.96) Lawrence, KS 29940 2012 4 175.67 (1.97) Lawrence, KS 29940 2013 1 175.38 (2.04) Lawrence, KS 29940 2013 2 174.66 (2.08)

0

chicago95 7 months, 3 weeks ago

Easy or not, it is importaint to understand that home appreciation is only loosely related to the latest selling prices. If most of the homes sold last year were starter homes and most of the homes sold this year were luxury homes, realtors would report huge price increases. It's never quite that simple, but the basic argument is sound. FHFA models same house prices from year to year. Their web site offers a technical description of their methodology ( http://www.fhfa.gov/webfiles/896/hpi_tech.pdf ) as well as tutorial videos ( http://www.fhfa.gov/Default.aspx?Page=411 ). And, obviously, the inclusion of single family detached properties in all of Douglas County is particularly pertinent to the County Appraiser's Office -- not that it would much distort Lawrence homeowners' expectations.

0

chicago95 7 months, 3 weeks ago

Actually, the Federal Housing Oversight Agency House Price Index report for the second quarter of 2013 also became available Thursday. Find it here: http://www.fhfa.gov/Default.aspx?Page=87 . In a nutshell, values of all pre-existing homes in the Lawrence Metropolitan Statistical Area declined slightly from the first quarter of the year, though year-over-year data showed a slight uptick of less than one-half of one percent.

0

oneeye_wilbur 7 months, 3 weeks ago

The article is spin! Sellers are listing under the county value, the selling price is under the listing price.

The publis is being misled that homes are selling at county value.

The realtors are putting a spin on the market sales.

Do your homework, the JW isnot.

0

George_Braziller 7 months, 3 weeks ago

Not good news to me. My house is paid off and don't have any intention of ever selling it. Just means I'll have to pay more taxes for schools for kids I don't have and city services I'll never receive because I live on the "bad" side of town.

0

BinNLawrence4ever 7 months, 3 weeks ago

The market "appears" to be improved - Limited inventory, Just go to any real estate agent that was around in the" housing boom" and have them do one of those comparative market things - have them show you how many sales in any given neighborhood then go back for the past 5 years - you will be surprised of what is really going on. By the way: taxes will always go up!

0

oneeye_wilbur 7 months, 3 weeks ago

Still, the JW does not give examples. Valuation, listing price, and sold price.

The article provides little information and almost no facts.

0

Commenting has been disabled for this item.