Lubbock housing market in transition

LUBBOCK – The October Multiple Listing Service Statistics report indicates the Lubbock housing market is transitioning from a neutral market to a seller’s market.

October reflected 5.6-months’ inventory, down from six months in September and 7.2 months for the same time last year.

This is the first time the market has been under six months’ inventory in more than two years, according to Debora Perez Ruiz, president of Lubbock Association of Realtors.

Total residential sales were up 25.5 percent from October 2011. Residential dollar volume totaled $39,607,330 in October 2012, up 36 percent from $29,121,723 in October 2011.

The number of active residential listings fell 14.9 percent from 1,726 one year ago to 1,468.

Total residential property sales reflect a 15.5 percent increase from 2,545 last year to 2,939 in 2012, and the total residential dollar volume has increased 20.4 percent to $434,253,456 over $360,706,089 at the same point last year.

Read more at the Lubbock Avalanche-Journal.