Lubbock area home sales increase slightly, prices up again in February 2017
March 24, 2017 – This week, we released the Lubbock February 2017 Lubbock Area Housing Market Report. Here are our findings: Lubbock home sales increased just 0.9% compared to February 2016, with 219 homes sold. Home prices increased again after dipping in January. The median price for Lubbock area homes was up 7% year-over-year to $144,450 during the same time frame.
The number of active listings on the market decreased 5.9% from February 2016, with just 749 active listings. According to the report, Lubbock contines to be a strong seller's market. Monthly housing inventory remained in the 2 month range at 2.3 months in February 2017, down from 2.6 months in February 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.
Homes spent an average of 85 days on the market, 10 days less than February 2016.
February 2017 Statistics At-A-Glance
- 219 – Homes sold in February 2017, 0.9% more than February 2016.
- $144,450 – Median home sales price, up 7% compared to February 2016.
- 2.3 – Monthly housing inventory in February 2017, down slightly from February 2016.
- 85 – Average number of days homes spent on the market in February 2017, 10 days less than February 2016.
- 749 – Active home listings on the market in February 2017, down 5.9% compared to February 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.