Positive month for sales and prices in March 2017
April 10, 2017 – This week, we released the March 2017 Lubbock Area Housing Market Report. Here are our findings: Lubbock area home sales increased 6.1% in March 2017 with 368 homes sold. Home prices increased 3% compared to March 2016, with the median price for Lubbock area homes being $149,750.
Lubbock contines to be a strong seller's market in most price ranges. The number of active listings on the market decreased slightly (0.1%) from March 2016 with 780 active listings. Monthly housing inventory remained in the 2 month range at 2.4 months in March 2017, down from 2.5 months in March 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 87 days on the market, 5 days less than March 2016.
March 2017 Statistics At-A-Glance
- 368 – Homes sold in March 2017, 6.1% more than March 2016.
- $149,750 – Median home sales price, up 3.3% compared to March 2016.
- 2.4 – Monthly housing inventory in March 2017, down slightly from March 2016.
- 87 – Average number of days homes spent on the market in March 2017, 5 days less compared to March 2016.
- 780 – Active home listings on the market in March 2017, down 0.1% compared to March 2016.
- 2017 March Infographic
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.