Lubbock Association of Realtors estimates 1.4 months of home inventory, half of typical market
LUBBOCK, Texas (KCBD) - The “perfect storm” has left Lubbock with a below-normal number homes on the market, according to the Lubbock Association of Realtors. If no more homes came up for sale, the Association estimates that the market would run out in about a month and a half.
“We, of course, were affected by the pandemic,” LAR President Teresa Smith said. “It sort of stopped people from wanting to have people in their homes so selling was a little harder for a lot of the consumers. Then there was also a bit of a gridlock because sellers saw the market heat up and they didn’t want to put their house on the market for fear they would become a buyer. They loved being a seller, but not so much on the buying yet.”
A late November count by LAR’s Multiple Listing Service showed about 525 homes for sale.
“Typically we would see that number be in about 1,000 to 1,200,” Smith said. “Even at this time of year, it’s a little better than it was in some of the summer months where we typically have more sales.”
Between March and May, LAR data calculated 0.8 to 1 month of inventory. Smith said Lubbock’s market is seasonal due to being a college town and one that values families, who she says tend to move at the end of the school year.
She advises buyers to bready when they decide to enter the market.
“It’s very good for sellers, that means fairly quick sales for them,” Smith said. “For buyers, it’s a little more difficult, because those homes that are in the price ranges that fit a lot of people, they’re going to go quickly and there may be multiple offers on those homes.”
Smith told KCBD the median home price has gone from $188,000 to $215,000. She says many homes are selling over the list price.
“You need to have a plan,” Smith said “You need to be prepared with a good realtor, a good lender, and have your homework done before you get into the market.”
To learn more about the Lubbock Association of Realtors, click here.
Copyright 2021 KCBD. All rights reserved.