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2017 February Lubbock Area Housing Report

 Lubbock Area Home Sales Increase Slightly, Prices Up Again in February 2017

March 24, 2017 – This week, we released the Lubbock February 2017 Lubbock Area Housing Market Report. Here are our findings: Lubbock home sales increased just 0.9% compared to February 2016, with 219 homes sold.  Home prices increased again after dipping in January. The median price for Lubbock area homes was up 7% year-over-year to $144,450 during the same time frame.

The number of active listings on the market decreased 5.9% from February 2016, with just 749 active listings. According to the report, Lubbock contines to be a strong seller's market.  Monthly housing inventory remained in the 2 month range at 2.3 months in February 2017, down from 2.6 months in February 2016. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. Months invetory is defined as the number of active listings divided by the average sales per month of the prior 12 months. Lubbock's home invetory has not been more than 3 months since November 2014.  Buyers should be prepared to act quickly and expect to make full-price offers with little to no concessions, depending on the price range and specific location. 

Homes spent an average of 85 days on the market, 10 days less than February 2016.

February 2017 Statistics At-A-Glance

  • 219 – Homes sold in February 2017, 0.9% more than February 2016.
  • $144,450 – Median home sales price, up 7% compared to February 2016.
  • 2.3 – Monthly housing inventory in February 2017, down slightly from February 2016.
  • 85 – Average number of days homes spent on the market in February 2017, 10 days less than February 2016.
  • 749 – Active home listings on the market in February 2017, down 5.9% compared to February 2016.
  • pdf 2017 February Infographic

The real estate market is one of the best indicators of how the economy is doing and Lubbock's real estate market is strong. As such, the demand for Lubbock real estate remains strong and enduring. Local REALTORS® are the best source for information about the market.

About the Lubbock Association of REALTORS®

Lubbock REALTORS®, alongside REALTORS® throughout Texas, work daily during the Texas legislative session to make sure Texas remains one of the strongest housing markets in the nation, protect the right of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.  The Lubbock Association of REALTORS® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

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2016 December Lubbock Area Housing Report

 Lubbock area home sales increase again, prices increase also in December 2016

January 16, 2017 – Lubbock area home sales again increased in December 2016, up 4.8 percent compared to December 2016.  Home prices were up 3 percent, according to the December 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 303 homes were sold in the Lubbock MSA in December 2016, up 4.8 percent from the year prior. The median price for Lubbock area homes increased 3 percent year-over-year to $144,250 during the same time frame.

Lubbock continues to be a strong seller's market. Monthly housing inventory was just 2.4 months in December 2016, virtually unchanged from December 2015. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. Lubbock's home invetory has remained low throughout 2016, so buyers should be prepared to act quickly. Buyers should also expect to make full-price offers with little to no concessions, depending on their price range. 

While the number of homes in the Multiple Listing Service (MLS) is low, the number of days on the market increased slightly at 56 days in December 2016, 12 days more than December 2015. Also, there were 789 active listings in December 2016, virtually unchanged compared to December 2015. 

December 2016 Statistics At-A-Glance

  • 303 – Homes sold in December 2016, up 4.8 percent compared to December 2015.
  • $144,250 – Median home sales price, 3 percent more than December 2015.
  • 2.4 – Monthly housing inventory in December 2016, virtually unchanged from December 2015.
  • 56 – Average number of days homes spent on the market in December 2016, 12 days more than December 2015.
  • 789 – Active home listings on the market in December 2016, 0.3 percent less than December 2015.

The real estate market is one of the best indicators of how the economy is doing and Lubbock's real estate market is strong. As such, the demand for Lubbock real estate remains strong and enduring. The market could benefit further from an influx of listings.

About the Lubbock Association of REALTORS®

Lubbock REALTORS®, alongside REALTORS® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.  The Lubbock Association of REALTORS® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

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2016 November Lubbock Area Housing Report

 Lubbock area home sales increase substantialy, prices rise in November 2016

December 19, 2016 – Lubbock area home sales were up dramatically in November, with 28.8 percent more homes sold compared to November 2016.  Home prices increased 11 percent, according to the November 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 264 homes were sold in the Lubbock MSA in November 2016, up 28.8 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $155,000 during the same time frame.

Lubbock’s monthly housing inventory* was 2.7 months in November 2016, slightly less than the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. Lubbock's home invetory has remained low throughout 2016, so buyers should be prepared to act quickly. Buyers should also expect to make full-price offers with little to no concessions, depending on their price range. 

Homes spent an average of just 39 days on the market in November 2016, 6 days less than November 2015. Additionally, the number of active listings on the market decreased 2.7 percent, with 893 active listings in November this year. 

November 2016 Statistics At-A-Glance

  • 264 – Homes sold in November 2016, up 28.8 percent compared to November 2015.
  • $155,000 – Median home sales price, 11 percent more than November 2015.
  • 2.7 – Monthly housing inventory in November 2016, slightly less than the year prior.
  • 39 – Average number of days homes spent on the market in November 2016, 6 days less than November 2015.
  • 893 – Active home listings on the market in November 2016, 2.7 percent less than November 2015.
  • pdf   pdf 2016 November Infographic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.
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2016 October Lubbock Area Housing Report

 Lubbock area home sales up, prices rise in October 2016

November 21, 2016 – Lubbock area home sales rose 11.7 percent compared to the same month last year while home prices increased, according to the October 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 277 homes were sold in Lubbock in October 2016, up 11.7 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $156,400 during the same time frame.

Lubbock’s monthly housing inventory* was 2.9 months in October 2016, slightly less than the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. Due to such a low invetory, buyers should be prepared to act quickly on prospective homes. 

Homes spent an average of 47 days on the market in October 2016, unchanged from the same time in 2015. Additionally, the number of active listings on the market decreased 5.5 percent, with 926 active listings compared to 977 in October 2015. 

October 2016 Statistics At-A-Glance

  • 277 – Homes sold in October 2016, up 11.7 percent from October 2015.
  • $156,400 – Median home price, 11 percent more than October 2015.
  • 2.9 – Monthly housing inventory in October 2016, slightly less than the year prior.
  • 47 – Average number of days homes spent on the market in October 2016, unchanged compared to October 2015.
  • 926 – Active home listings on the market in October 2016, 5.5 percent less than October 2015.
  • pdf  2016 October Infographic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® and its 1,000+ members are committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.
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2016 September Lubbock Area Housing Report

 Lubbock area home sales rise, prices rise in September 2016

October 31, 2016 – Lubbock area home sales rose 9 percent compared to the same month last year while home prices increased, according to the September 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 316 homes were sold in Lubbock in September 2016, up 9 percent from the year prior. The median price for Lubbock area homes increased 7 percent year-over-year to $149,000 during the same time frame.

Lubbock’s monthly housing inventory* was 2.9 months in September 2016, slightly less than the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 41 days on the market in September 2016, 6 days more than September 2015. Additionally, the number of active listings on the market decreased 8 percent, with 912 active listings compared to 985 in September 2015.

September was a strong month for home sales. With Lubbock continuing to be a strong seller's market, buyers should be prepared to act quickly and be know that they could find themselves in multiple-offer situations. 

September 2016 Statistics At-A-Glance

  • 316 – Homes sold in September 2016, up 9 percent from September 2015.
  • $149,000 – Median price in September 2016, 7 percent more than September 2015.
  • 2.9 – Monthly housing inventory in September 2016, slightly less than September 2015.
  • 41 – Average number of days homes spent on the market in September 2016, 6 days more than September 2015.
  • 912 – Active home listings on the market in September 2016, 8 percent less than September 2015.
  • pdf  2016 September Infographic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® is committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.
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