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2017 October Lubbock Area Housing Report

  October Home Sales Dip Along with Prices 

November 18, 2017 – According to our Lubbock Area Housing Report, home sales were down again in October 2017, with 271 homes sold.  This is an almost 2% drop compared to October 2016.  Home prices were down again in October 2017, with the median price for Lubbock area homes being $153,000, a 2% decrease compared to October 2016.

The number of active listings on the market increased for the third month in a row, up 9.5% compared to October 2016, with 993 active residential listings.  Lubbock's monthly housing inventory also increased from 2.8 months in October 2016 to 3.1 months in October 2017. Months inventory is the best indicator of a buyer's or seller's market.  Currently, Lubbock remains a strong seller's market, with months inventory remaining well below the 6.5 months that represents a balanced market, according to The Real Estate Center at Texas A&M University.*

Despite an increase in months inventory, homes are spending less time on the market.  Homes spent an average total of 70 days on the market in October 2017, twelve days less than October 2016.  This is a positive indication that, generally, transactions are going smoothly from the time a home goes on the market, to when an offer is accepted, to the time it closes. 

October 2017 Statistics At-A-Glance

  • 271 – Homes sold in October 2017, 1.8% less than October 2016.
  • $153,000 – Median home sales price, up 2.2% compared to October 2016.
  • 993 – Active homes on the market in October 2017, up 9.5% compared to October 2016.
  • 3.1 – Monthly housing inventory, up from 2.8 months in October 2016.
  • 70 – Average number of days homes spent on the market in October 2017, 12 days less than October 2016.
  •   pdf 2017 October Infographic (372 KB)  

Contact a Lubbock REALTOR® for the most accurate information about the local market and what's happening in your neighborhood.

*Months invetory is defined as the number of active listings divided by the average sales per month of the prior 12 months.

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 home ownership.

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2017 August Lubbock Area Housing Report

  August Home Sales and Down 

September 16, 2017 – Home sales were down 8% in August 2017 according to our Lubbock Area Housing Market Report, with 339 homes sold.  Home prices also saw a drop, with the median price for Lubbock area homes being $148,950, a 7% decline compared to August 2016.

The number of active listings on the market increased almost 14% compared to August 2016, with 1,033 active residential listings.  Lubbock's monthly housing inventory also increased from 2.9 months in August 2016 to 3.2 months in August 2017. Months inventory is the best indicator of a buyer's or seller's market, so this increase may indicate a trend toward a more balanced market.  Currently, Lubbock remains a strong seller's 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 total of 67 days on the market in August, nine days less than August of last year.  This is a positive indication that, generally, transactions are going smoothly from the time a home goes on the market, to the time an offer is made, to the time it goes to the closing. 

August 2017 Statistics At-A-Glance

  • 339 – Homes sold in August 2017, 8.1% less than August 2016.
  • $148,950 – Median home sales price, down 6.9% compared to August 2016.
  • 1,033 – Active homes on the market in August 2017, up 6.5% compared to August 2016.
  • 3.2 – Monthly housing inventory in August 2017, up from 2.8 months in August 2016.
  • 67 – Average number of days homes spent on the market in August 2017, 9 days less than August 2016.
  • pdf 2017 August Infographic (372 KB)

To find out what the market is like in your neighborhood, contact a Lubbock REALTOR®. They have access to the best information about the local market.

*Months invetory is defined as the number of active listings divided by the average sales per month of the prior 12 months.

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 home ownership.

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2017 July Lubbock Area Housing Report

  July Home Sales Down, Prices Up

August 24, 2017 – Home sales were down again in July 2017 according to the Lubbock Area Housing Market Report.  According to the report, 376 homes were sold in July 2017, 14% less than July 2016.  Home prices continued their upward trend, however, up 4% compared to July 2016, with the median price for Lubbock area homes being $156,750.

The number of active listings on the market increased almost 7% compared to July 2016, with 953 homes actively listed.  Like the majority of Texas, Lubbock remains a strong seller's market in most price ranges. Buyer's should be prepared to make full-price offers, with little to no concessions. Months inventory is the best indicator of a buyer's or seller's market, and this figure increased slightly, from 2.8 months in July 2016 to 3 months in July 2017. 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.

Homes spent an average of 65 days on the market in July 2017, five days less than July of last year.

July 2017 Statistics At-A-Glance

  • 376 – Homes sold in July 2017, 14.2% less than July 2016.
  • $156,750 – Median home sales price, 4.3% more than July 2016.
  • 953– Active homes on the market in July 2017, up 6.5% compared to July 2016.
  • 3.0 – Monthly housing inventory, up slightly from 2.8 in July 2016.
  • 65 – Average number of days homes spent on the market in July 2017, 5 days less than in July 2016.
  • pdf 2017 July Infographic (372 KB)

The Lubbock area is back on track for a strong summer selling season. Contact your Lubbock REALTOR® to find out the specifics of your neighborhood. Local REALTORS® have access to the best information to help you.

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 home ownership.

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2017 June Lubbock Area Housing Report

  June Home Sales Down, Prices Rise

July 22, 2017 – Home sales dipped slightly in June 2017 according to the Lubbock Area Housing Market Report with 418 homes sold, 3% less than June 2016.  Home prices increased, however, posting a 15% increase compared to June 2016, with the median price for Lubbock area homes being $167,560.

The number of active listings on the market increased 8% compared to June 2016, with 921 homes actively listed.  Even with this increase, Lubbock remains a strong seller's market in most price ranges, as indicated by the monthly housing inventory. This figure decreased from 2.8 months in June 2016 to 2.7 months in June 2017. 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 71 days on the market in June 2017, two days less than June of the previous year.

June 2017 Statistics At-A-Glance

  • 418 – Homes sold in June 2017, 3% less than June 2016.
  • $167,650 – Median home sales price, an incrase of 14.8% compared to June 2016.
  • 921– Active homes on the market, up 8.4% compared to June 2016.
  • 2.7 – Monthly housing inventory, down slightly at 2.8 in June 2016.
  • 71 – Average number of days homes spent on the market in June 2017, two days less than in June 2016.
  • pdf 2017 June Infographic (372 KB)

The Lubbock area is back on track for a strong summer selling season. Contact your Lubbock REALTOR® to find out the specifics of your neighborhood. Local REALTORS® have access to the best information to help you.

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 home ownership.

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2017 May Lubbock Area Housing Report

  Home Sales Bounce Back, Rise in May 2017

June 24, 2017 – Sales were positive again in May 2017 after a dip in April. The Lubbock Area Housing Market Report shows that sales increased 6.6% in May with 418 homes sold.  Home prices increased a modest 1.3% compared to May 2016, with the median price for Lubbock area homes being $155,000.

Lubbock remains a strong seller's market in most price ranges.  The number of active listings on the market saw a small increase of 1.5% compared to May 2016, with 829 active listings. Even with the increase in the number of active listings, monthly housing inventory decreased from 2.6 months in May 2016 to 2.5 months in May 2017. 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 74 days on the market in May 2017, three days less than in May of last year.

May 2017 Statistics At-A-Glance

  • 418 – Homes sold in May 2017, 6.6% more than May 2016.
  • $155,000 – Median home sales price, an incrase of 1.3% compared to May 2016.
  • 829 – Active home listings on the market in May 2017, up 1.5% compared to May 2016.
  • 2.5 – Monthly housing inventory in May 2017, down slightly from May 2016.
  • 74 – Average number of days homes spent on the market in May 2017, 3 days less compared to May 2016.
  • pdf 2017 May Infographic (372 KB)

The Lubbock area is back on track for a strong summer selling season. Contact your Lubbock REALTOR® to find out the specifics of your neighborhood. Local REALTORS® have access to the best information to help you.

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.

###

Read more

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