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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.
  • icon 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.
  • icon 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.
  • icon 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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2016 August Lubbock Area Housing Report

 Lubbock area home sales rise, prices rise in August 2016

September 12, 2016 – Lubbock area home sales rose 3.5 percent compared to the same month last year while home prices increased, according to the August 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 380 homes were sold in Lubbock in August 2016, up 3.5 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $158,575 during the same time frame.

Lubbock’s monthly housing inventory* was 3.0 months in August 2016, unchanged from 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 August2016, also unchanged from August2015. Additionally, the number of active listings on the market was virtually unchanged, with 945 listings during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “August was another strong month. Sellers continue to benefit from low inventory, so buyers need to keep that in mind when they put an offer on a home.”

August 2016 Statistics At-A-Glance

  • 380 – Homes sold in August2016, up 3.5 percent from August 2015.
  • $158,575 – Median price in August 2016, 11 percent more than August 2015.
  • 3.0 – Monthly housing inventory in August 2016, unchanged from August 2015.
  • 41 – Average number of days homes spent on the market in August2016, unchanged from August 2015.
  • 945 – Active home listings on the market in August 2016, virtually unchanged from August 2015.
  • icon 2016 August 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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2016 July Lubbock Area Housing Report

Lubbock area home sales rise, prices rise in July 2016

August 12, 2016 – Lubbock area home sales rose 5.6 percent compared to the same month last year while home prices increased, according to the July 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 455 homes were sold in Lubbock in July 2016, up 5.6 percent from the year prior. The median price for Lubbock area homes increased 10 percent year-over-year to $150,750 during the same time frame.

Lubbock’s monthly housing inventory* was 2.9 months in July 2016, virtually unchanged from 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 33 days on the market in July2016, 4 days less than July2015. Additionally, active listings saw just a slight decrease of 1.7 percent to 924 listings during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “we’re still in an aggressive seller’s market. Buyers need to be prepared for multiple offers on properties. It’s important to have a plan of action with yourRealtor so they can react quickly in those situations.”

July 2016 Statistics At-A-Glance

  • 455 – Homes sold in July2016, up 5.6 percent from July2015.
  • $150,750 – Median price in July2016, 10 percent more than July2015.
  • 2.9 – Monthly housing inventory in July 2016, virtually unchanged from July2015.
  • 33 – Average number of days homes spent on the market in July2016, 4 days less than July2015.
  • 924 – Active home listings on the market in July2016, 1.7 percent less than July2015.
  • icon 2016_JulyInfoGraphic

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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