Realtors in Lubbock, TX are excited right now for the first time in a while. It hardly needs to be explained that the last few years have been tough economic times for the country and for Lubbock, especially for the real estate market. Housing foreclosures were up and it became incredibly difficult to sell a home. Residential streets were lined with “For Sale” signs that started to seem like permanent fixtures. That scene, however, is starting to change. The economy has finally started to rebound, as most major economic indicators are again starting to show growth for the first time in years. One of the most reliable indicators of economic health is the housing market, and we are finally starting to see new homes going up again and those lonely for sale signs disappearing in favor of moving trucks backing up to unload.
Lubbock is one of the cities that is experiencing a major revival right now, especially compared to its low times from a few years ago. In 2008 the Lubbock realty sector was experiencing its first downturn in the city’s history, with the median home price falling about 3.5% from where it was in 2007. That drop off was not as steep as the one that some markets experienced, but still, after years of uninterrupted growth realtors in Lubbock had to come to terms with the fact that times were tougher. Fewer new homes were being built and older homes were either staying on the market or not reaping the returns that their owners had been hoping for.
Finally, however, it looks like we’ve passed the nadir of the recession and are entering a new economic boom. Nationally many metro areas are enjoying their best housing climate in years, and Lubbock is no exception. Most major indicators are showing growth, as mining, logging and construction have all increased by 25%, Health and Education services increased by 2%, and a 3.4% growth in jobs overall. In housing, the total number of homes for sale in Lubbock in June was up 12% compared to June of 2011 and the median sales price was up 7.8% compared to last year. This May showed even greater growth, with total sales up 24% and median price 21%.
All those numbers point to the fact that Lubbock real estate brokers are finally getting to take down many of the “For Sale” signs that have been up for a while and put up some signs in front some newly built homes. Loan rates are at favorable levels for potential home buyers, and those looking to sell can again set the asking prices that they want and can expect prospective buyers to be interested. The last few years were hard on Lubbock, just like the rest of America, but the clouds are starting to part and all the signs are pointing to a return to the start of a new streak of growth that hopefully will last for years to come. Realtors, home buyers, and those looking to sell finally have reasons to be excited again.