Lancaster, Texas is one of the areas where we buy houses. Because we buy houses here, it is very important to stay current on the real estate trends in the market. Although we primarily target off-market properties, on-market data available from the local Multiple Listing Service (MLS) provides valuable information concerning the buying and selling conditions of the local area.
Although we are willing to consider buying all houses presented to us, there is a general range that we target for buying Lancaster real estate. Our general buying demographic is homes valued at <$100,000, single family, 3 bedrooms, 1000 – 2000 square feet, all ages. Below is an overview of the current market conditions based on our buying demographics.
Home Prices
The median home sales price for March 2015 reflected an increase of 26.4% to $86,000. Prices are up 50.6% from the same month in the previous year. The median days on market decreased 21.4% from the prior month to 33 days. This is a whopping 175% decline from the same period in the previous year.
Home Sales
The rate of home sales increased 250% to 7 homes sold in March from 2 the previous month. The number of homes sold was the same for the period in the previous year.
Inventory – Months Supply
The number of homes available for sale increased 33.3% from the previous month but is down 66.7% from the same month in the previous year. The months supply of inventory was 1.3 months which is a 62.5% decline from the same month in the previous year. In general, inventory levels are usually lower during winter all the way into March due to the cool weather but loosen as the weather starts to warm.
Market Summary
Declining inventory of homes available for sale in combination with buyer demand is a large contributor to the rising home prices and declining days on market. The Lancaster real estate market is very competitive at this time for primary home buyers and investors. It appears that home sellers are clearly benefiting from the inventory levels remaining extremely low. As we enter the spring buying season we expect to see an upward tick in inventory coming on to the market, but overall levels will probably remain low.
If you want to sell your house in Lancaster, it is important to have an idea of your market conditions. The information above is not intended to provide you with an estimate of what your house might be worth or what you should pay for a house. It is intended to give you a short overview of the Lancaster real estate market and hopefully adds value in making your buying or selling decision.
The source for the above market data is derived from the North Texas Real Estate Information System.
