There is one thing certain about the Real Estate Market in Lubbock, TX; it changes almost as much as the weather. If you don't like it, the locals say; just wait an hour and it will change for you!
The Real Estate Market is much the same and reacting to the robust cotton crop and the strong oil industry.
There is not an upward trend in value but a shorter market absorption time which means inventory is moving quicker in December than November of 2010.
A good turnover of inventory is good for Lubbock, TX because as demand goes up, inventory is depleted and this can cause prices to become more firm and go higher.
In November the average months supply of inventory for the price points between $50,000 to $150,000 was over 9 months.
In December the average months supply had dropped to about 6 months showing significant improvement in property absorption.
The price point between $150,000 to $250,00 improved from a high of 8 months in November to 7 months and 5 1/2 months.
The higher end from $250,000 up to the $500,000 has also shown significant change and gives the Lubbock TX real estate market a great start for 2011!
November 2010
December 2010
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