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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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2016 MarchInfoGraphic

Monthly Market Comparison
Categories Dec-13 Dec-14 Percent Change
Total Residential Property Sales 261 281 7.7%
Total Residential Dollar Volume $39,937,019 $44,863,266 12.3%
Average Single-Family Sales Price $153,015 $159,656 4.3%
Median Single-Family Sales Price $130,000 $130,000 0.0%
Total Active Residential Listings 1,182 1,039 -12.1%
Total Pending Residential Sales 273 268 -1.8%
Months Inventory* 3.5 3.4 -2.9%
*Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity.
Year-to-Date Comparison
Categories Jan-Dec 2013 Jan-Dec 2014 Percent Change
Total Residential Property Sales 4,175 4,106 -1.7%
Total Residential Dollar Volume $636,116,384 $671,068,469 5.5%
Average Single-Family Sales Price $150,000 $163,436 9.0%
Median Single-Family Sales Price $130,000 $132,000 1.5%
       
Notice on this information:  Multiple Listing Service data is reported to the Real Estate Center at Texas A & M and the National Association of REALTORS® on the eighth of each month.  Year-to-date data may be corrected for information reported after the eighth.  Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all activity in the real estate market.
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