Residential Real Estate Market Endures Dismal 2011

February 07, 2012 / Russell Legato, Residential Property Analyst

Residential real estate sales of new houses dropped 45 percent in 2011. The Lawrence Board of Realtors attributes the continuing slow market to the economy. Nothing has happened to motivate the buyers in spite of the low interest rates that continue.

Residential Real Estate Market Endures Dismal 2011

On the national level, it was reported that existing home sales went up 3.6 percent in 2011 as compared to 2010. Although fewer homes were sold, prices did not drop by much. The average price of a home was $185,095, which is higher than the average of $180,339 in 2010.

In Douglas County, the appraiser’s office is expecting to reduce the appraised values of houses.

In the Lawrence area, sales of existing homes reached 1,058 for 2011, declining by 14.7 percent as compared to 2010, which were 1,240. In 2009, 1,253 sales took place. Newly built houses were selling even slower. In 2011 only 64 new homes were sold. The situation in the residential real estate market was more promising in 2010.

Homes are on the market for longer periods of time. There is optimism for the coming year in the area, according to realtors. It is not likely to improve radically. However, it is likely that the residential real estate market will improve.

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