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.
- 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).