June 24, 2017 – Sales were positive again in May 2017 after a dip in April. The Lubbock Area Housing Market Report shows that sales increased 6.6% in May with 418 homes sold. Home prices increased a modest 1.3% compared to May 2016, with the median price for Lubbock area homes being $155,000.
Lubbock remains a strong seller’s market in most price ranges. The number of active listings on the market saw a small increase of 1.5% compared to May 2016, with 829 active listings. Even with the increase in the number of active listings, monthly housing inventory decreased from 2.6 months in May 2016 to 2.5 months in May 2017. 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 inventory is defined as the number of active listings divided by the average sales per month of the prior 12 months. Lubbock’s home inventory 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 74 days on the market in May 2017, three days less than in May of last year.
- 418– Homes sold in May 2017, 6.6% more than May 2016.
- $155,000– Median home sales price, an increase of 1.3% compared to May 2016.
- 829– Active home listings on the market in May 2017, up 1.5% compared to May 2016.
- 2.5– Monthly housing inventory in May 2017, down slightly from May 2016.
- 74– Average number of days homes spent on the market in May 2017, 3 days less compared to May 2016.
Please contact Dannheim Realty for specific information pertaining to your neighborhood!