In spite of what you might hear from certain local and national media outlets, REAL ESTATE VALUES ARE NOT SUFFERING IN LUBBOCK,TEXAS! Unfortunately many parts of the country have experienced disaster the last couple years. Fortunately, LUBBOCK,TEXAS REAL ESTATE VALUES CONTINUE TO SLOWLY, BUT SURELY INCREASE! Lubbock continues to experience conservative and steady growth.
I'm thankful to live and sell real estate in Lubbock,Texas! We are blessed with a very conservative and stable real estate market. The world of Adjustable Rate Mortgages, Artificial Inflation and Interest Only Loans did not make it's way to Lubbock,Texas. Foreclosures and Repos are NOT found in every neighborhood and certainly NOT on every city street/block!
In 2008, The Lubbock Multiple Listing Service reported a total residential sales volume of $458,851,374. The average real estate value of sold homes was $133,193 and the median was $108,500. For 2009,total sales volume was off slightly to $448,993,628. The average residential sold value was up to $134,389, with the median sold price rising to $112,900.
Residential active listings on the market in the Lubbock area are DOWN to around 1,300. A couple years ago they were in the 1,700-1,800 range. In general, we are beginning to lean closer to a sellers market in Lubbock. Really it is a fairly balanced market. However, since the inventory is beginning to decrease, it is an EXCELLENT TIME TO GET YOUR HOME ON THE MARKET! Buyers are out there and activity is really picking up. Tax credits should increase sales through the Spring months!
WHETHER BUYING OR SELLING...IT'S ALWAYS A SELLERS MARKET!
Jeff Sellers, Broker
The Sellers Realty