November 2016 Market Update For Lubbock TX
If you're wondering what the heck is going on with the real estate market, you've reached the right blog!
In my 11 years of selling homes, I have seen the market shift twice and this time is a unique one. Buyers are still getting their "pick of the litter" in the Luxury Market ($500,000+) while Sellers are calling the shots in the $100,000 - $200,000 price range...
FIRST, LET'S COVER A FEW DEFINITIONS...
Months Supply of Inventory = The Supply of Homes available for sale in the market Divided by the Number of Homes Sold Last Month... This number dictates whether its a buyer's market or a seller's market. For Example: 1,000 homes for sale and 200 sold last month means 5 months supply of inventory.
Days On Market = How many days it takes for homes to go under contract and close in the market.
List Price / Sales Price % = The Negotiated Price that ends up closing as agreed by both parties divided by the Original Asking Price. For Example: $100,000 Asking Price, $98,500 negotiated price is a 98.5% LP/SP
Now with that out of the way, you understand the metrics that dictate vital signs in the market!
So in Our Market, Lubbock Texas and surrounding areas, here are the Vital Signs...
TAKE IT FROM ME... YOU NEED A GREAT REALTOR HELPING YOU. CALL OR TEXT ME 806.577.5595
The West Group at Keller Williams Realty