Despite what the national media is reporting on the real estate market, Lubbock's market is "unbelievable"!! Here are some stats as of the month of June 2007:
Sold median price for June 2007 - $106,000 For Sale Median price June 2007 is $99,950
Last year June 2006, Sold median price was $100,000 and median price for sale was also $100,000 and going back even to June 2005 sold median price was $101,500 and median price for sale was $99,950. Prices are holding steady for the past two years.
So what's the type of market is it in Lubbock, well a buyers market is defined as 6 months or more worth of inventory for sale. In June of 2005 we had three months of inventory, June of 2006 we had 5.7 months of inventory and as of June 2007, we currently have 5.2 months of inventory.
Market share, currently our Keller Williams Lubbock office has 10.88% of sold volume, with 300 active listings in the MLS. This is as of 7/31/2007.
Good news, lots of houses for sale, prices are holding steading!
Information not guaranted. Date: 7/31/2007 Source of information is Terradatum suppliers and licensors.