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2016 May Lubbock Area Housing Report

Lubbock area home sales flat, prices rise in May 2016

June 22, 2016 – Lubbock area home sales were flat in May with 408 homes sold, the same number sold in May 2015, according to the May 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

Though homes sales were unchanged from a year ago, Lubbock area home prices saw an increase of 7 percent year-over-year to $153,000. Lubbock continues to be a seller's market as well, as monthly housing inventory was unchanged from at 2.7 months.  The Real Estate Center at Texas A&M University cites that 6.5 months of inventory presents a market in which supply and demand for homes is balanced.

Homes spent an average of just 39 days on the market in May 2016, 9 days less than in May 2015. Additionally, active listings increased just 2 percent to 848 listings during the same time frame.

May 2016 Statistics At-A-Glance

  • 408 – Homes sold in May 2016, unchanged from May 2015.
  • $153,000 – Median price in May 2016, 7 percent more than May 2015.
  • 2.7 – Monthly housing inventory in May 2016, unchanged from May 2015.
  • 39 – Average number of days homes spent on the market in May 2016, 9 days less than May 2015.
  • 848 – Active home listings on the market in May 2016, just 2 percent more than May 2015.
  • icon 2016 May 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. This report covers the Lubbock Metropolitan Statistical Area (MSA) of Lubbock, Crosby and Lynn Counties. Information is based on information from the LAR's multiple listing service (MLS).

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2016 April Lubbock Area Housing Report

Lubbock area home sales rise, prices rise in April 2016

May 23, 2016 – Lubbock area home sales rose 17 percent compared to the same month last year while home prices increased, according to the April 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 382 homes were sold in Lubbock in April 2016, up 17 percent from the year prior. The median price for Lubbock area homes increased 15 percent year-over-year to $155,000 during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “the stats seem to indicate we will have another great summer season!”  Kearney went on to say "my best advice for buyers is to be ready to make a decision quickly. We're definitely still in a seller's market, so be prepared to pay closer to asking price with little or no concessions." Kearney went on to say "if you're currently in the $100 to $150,000 price range and looking to move up, now could be the time. Homes in that price range are moving quickly and with multiple offers." 

Lubbock’s monthly housing inventory* was 2.6 months in April 2016, virtually unchanged from the year prior. 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 46 days on the market in April 2016, 15 days less than April 2015. Additionally, active listings saw just a slight increase of 1 percent to 817 listings during the same time frame. 

April 2016 Statistics At-A-Glance

  • 382 – Homes sold in April 2016, up 17 percent from April 2015.
  • $155,000 – Median price in April 2016, 15 percent more than April 2015.
  • 2.6 – Monthly housing inventory in April 2016, 0.1 months less than April 2015.
  • 46 – Average number of days homes spent on the market in April 2016, 15 days less than April 2015.
  • 817 – Active home listings on the market in April 2016, just 1 percent more than April 2015.
  • icon April 2016 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. This report covers the Lubbock Metropolitan Statistical Area (MSA) of Lubbock, Crosby and Lynn Counties. Information is based on information from the LAR's multiple listing service (MLS).

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2016 March Lubbock Area Housing Report

Lubbock area home sales remain unchanged, prices rise in March 2016

April 20, 2016 – Lubbock area home sales remained flat in March compared to the same month last year while home prices increased, according to the March 2016 Lubbock Area Housing Market Report released today by the Lubbock Association of REALTORS®.

According to the report, 343 homes were sold in Lubbock in March 2016, unchanged from the year prior. The median price for Lubbock area homes increased 9 percent year-over-year to $147,500 during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “home sales continue to be strong, and with the lack of inventory available, now could be one of the best times ever to move up in home. Especially in the $100 – 175,000 price range. That price range is in very high demand.”

Lubbock’s monthly housing inventory* was 2.1 months in March 2016, 0.6 months less than the year prior. 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 54 days on the market in March 2016, one day more than March 2015. Additionally, active listings decreased 22 percent to 646 listings during the same time frame.

March 2016 Statistics At-A-Glance

  • 343 – Homes sold in March 2016, unchanged from March 2015.
  • $147,500 – Median price in March 2016, 9 percent more than March 2015.
  • 2.1 – Monthly housing inventory in March 2016, 0.6 months less than March 2015.
  • 54 – Average number of days homes spent on the market in March 2016, one day more than March 2015.
  • 646 – Active home listings on the market in March 2016, 22 percent less than March 2015.
  • icon 2016 March 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®, along with REALTORS® throughout Texas, 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. This report covers the Lubbock Metropolitan Statistical Area (MSA) of Lubbock, Crosby and Lynn Counties. Information is based on information from the LAR's multiple listing service (MLS).

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Remodeling Projects-Cost vs. Value

4/20/16

When thinking of remodeling their home, most people don't consider what they'll get back from the project when they sell their home. You're really just thinking about your personal enjoyment from the project. It's surprising how many remodeling projects don't pay for themselves when you do decide to sell your home though. 

In fact, the majority of home updates and additions won't recoup what you spent for them, according to the 2016 Cost Vs. Value Report from the National Association of REALTORS and Remodeling magainze. The report has some interesting findings in it - who would have thought a new garage door would deliver such a return?!. Remember, these kinds of reports deal with estimates and averages and every city has their own identity when it comes to what's hot and trendy in remodeling. If you're considering a remodel, talk to a Lubbock REALTOR about what really attracts buyers here, they have the local market knowledge to help!

Cade Fowler, Association Executive 

Ethics & Complaints

If you're having a problem with a Lubbock REALTOR®

Before you file a complaint

Many problems arise because of lack of communication or the communication breaks down. Try talking to your agent's broker first, if your agent holds a salesperson's license. If your agent is the broker, you can utilize the services of the Texas Association of REALTORS® OMDUDSMAN program. This program can reestablish the lines of communication, and save both parties the trouble of filing a complaint.

Code of Ethics and Complaints

All REALTORS® must abide by NAR's Code of Ethics and Standards of Practice. The Code of Ethics and Standards of Practice outline duties that REALTORS® have to clients and customers, the public, and other REALTORS®. The REALTOR® Code of Ethics can be found at the National Association of REALTORS® website: http://www.realtor.org/about-nar/governing-documents/the-code-of-ethics

If you have a problem with your Lubbock REALTOR®, you can file an Ethics Complaint with the Texas Association of REALTORS®. To make sure the individual you have a complaint against is a REALTOR®, go to the Texas Association of REALTORS® File a complaint page.

If your agent is not a REALTOR®, you will need to contact the licensing agency in Texas, the Texas Real Estate Commission, at 512-936-3000.

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