What’s happening in our local real estate market? You may have heard things in the national news, but they might not reflect what’s going on in Lubbock. Let’s take a look at the numbers and see where our market is heading.
In general, the market in Lubbock is still fantastic, but competition is pulling back a little bit. Depending on who you are, this could be great news. If you’re a buyer who has been frustrated with multiple-offer situations and high competition, now may be the time to make a move. After the holidays, our market will likely go back to the crazy market we’ve seen for most of the year, so take advantage of this opportunity while you can.
“We’re still in a seller’s market, but this window is a little more favorable for buyers.”
Right now, we have about 712 homes on the market, which is almost 100 homes fewer than we had at this time last year. That equates to around 1.4 months of inventory—a higher number than it was in the summer, but still astronomically low. Make no mistake: We’re still in a seller’s market, but this window is a little more favorable for buyers.
For example, sellers are receiving about 98% of their list price when they close. This number is still high, but at least it’s below 100%.
A lot of people want to find a home before the holidays. If you are one of these people, please call or email us. We’ve had a lot of success with our buyers recently, and we’d love to bring some of that success to you.