Lawrence Kansas Area Market Update April 2012 is below courtesy of Lawrence Board of Realtors (used with permission).
This year has produced 22 fewer sales than last year at this time. DOM (Days on Market) is averaging 3 days longer. One of the reasons for fewer transactions is that we have fewer active listings this year in the lower price ranges where most of the transactions occur. If we don't add a lot more houses onto the MLS as active listings, we will actually run out of houses to sell in some price ranges and with some certain criteria.
If sellers don't add their houses to the market, demand will exceed supply and prices will rise which appears to be what is happening. If sellers decide to add their houses to the MLS, then supply will level off with the demand and prices will stabilize.
The best news found on this Lawrence Kansas Area Market Update April 2012 is that the average SOLD price is $180,000 higher than at this time last year. When buyers start buying higher priced homes for sale, that is usually a sign of confidence in the economy and/or house prices are increasing. In this case I believe it is both due to increased demand due to lower inventory of houses for sale to choose from and greater consumer confidence in the economy.
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