Lubbock area home sales increase again, prices increase also in December 2016
January 16, 2017 – Lubbock area home sales again increased in December 2016, up 4.8 percent compared to December 2016. Home prices were up 3 percent, according to the December 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.
According to the report, 303 homes were sold in the Lubbock MSA in December 2016, up 4.8 percent from the year prior. The median price for Lubbock area homes increased 3 percent year-over-year to $144,250 during the same time frame.
Lubbock continues to be a strong seller's market. Monthly housing inventory was just 2.4 months in December 2016, virtually unchanged from December 2015. 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. 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. 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.
While the number of homes in the Multiple Listing Service (MLS) is low, the number of days on the market increased slightly at 56 days in December 2016, 12 days more than December 2015. Also, there were 789 active listings in December 2016, virtually unchanged compared to December 2015.
December 2016 Statistics At-A-Glance
- 303 – Homes sold in December 2016, up 4.8 percent compared to December 2015.
- $144,250 – Median home sales price, 3 percent more than December 2015.
- 2.4 – Monthly housing inventory in December 2016, virtually unchanged from December 2015.
- 56 – Average number of days homes spent on the market in December 2016, 12 days more than December 2015.
- 789 – Active home listings on the market in December 2016, 0.3 percent less than December 2015.
The real estate market is one of the best indicators of how the economy is doing and Lubbock's real estate market is strong. As such, the demand for Lubbock real estate remains strong and enduring. The market could benefit further from an influx of listings.
About the Lubbock Association of REALTORS®
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. 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.