Lubbock area home sales increase, prices dip in January 2017
February 24, 2017 – The Lubbock area posted a positive start for 2017 as Lubbock home sales increased 6.9% compared to January 2017. However, home prices saw a decline for the first time since January 2013, with the median price for Lubbock area homes falling 7.6% year-over-year, to $136,500 during the same time frame.
The number of active listings on the market decreased 2.4% from January 2016, with 799 active listings. According to the report, Lubbock contines to be a strong seller's market. Monthly housing inventory was 2.4 months in January 2017, down slightly compared to January 2016. 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. Months invetory 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 not been more than 3 months since November 2014. Buyers should be prepared to act quickly and expect to make full-price offers with little to no concessions, depending on the price range and specific location.
The number of days on the market increased slightly, just 2 days more than January 2016.
January 2017 Statistics At-A-Glance
- 216 – Homes sold in January 2017, 6.9% more than January 2016.
- $136,500 – Median home sales price, down 7.6% compared to January 2016.
- 2.4 – Monthly housing inventory in January 2017, down slightly from January 2016.
- 58 – Average number of days homes spent on the market in January 2017, 2 days more than January 2016.
- 799 – Active home listings on the market in January 2017, down 2.4% compared to January 2016.
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. Local REALTORS® are the best source for information about the market.
About the Lubbock Association of REALTORS®
Lubbock REALTORS®, alongside REALTORS® throughout Texas, work daily during the Texas legislative session to make sure Texas remains one of the strongest housing markets in the nation, protect the right 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.