The Bill Lanier Team
40+ years in the Midland market
"WHERE TRUST AND OUR EXPERIENCE MATTER"
Midland Real Estate Trends for 2013
The average Midland home sales price for December was an all time record of $262,211. The average sales price for 2013 was also an annual high of $254,270. This was an 7.25% increase over 2012. Even more incredible, the average sales price for the past 10 years is up 56.4% from the 2003 average of $114,390. These remarkable real estate results took place during a long term real estate downturn in most of the nation. New construction of all types reached an amazing high of $837 million in 2013, up from $340 million in 2012. The current homes for sale inventory is 316 with availability in all price ranges. Interest rates on 30 year fixed rate loans remains at a low 4.46%, offering buyers and sellers a great opportunity in this excellent Midland market.
Our Team's amazing success continued in 2013 with the Lanier Team producing 10% of the total Midland MLS home transactions. Our Team's competitive advantage, unique marketing style, in conjunction with our strategy of accurate positioning of our listings in the market, has resulted in our listings selling more than twice as fast as our competition. Even though our homes are selling at a significantly quicker rate they are bringing more than 98% of the listed sales price, all substantially superior to the competition.
Come to the Lanier Team, the market leader in experience and performance, for all your real estate needs.
Number of Homes Sold in December remains a seasonally healthy 122 units. The 2013 total homes sold was 1,747 as compared to 2012's record high of 1,869 units.
Average Days on the Market was a historically record low 37 days for 2013 down from 2012's 42 days.
Average Sales Price for 2013 was a record high of $254,270 and is up 7.25% over 2012's $235,824.
Median Sales Price of $225,000 was a record high and compares to 2013's average of $220,063 which is and a 7.27% increase over 2012's $204,063.
Available Inventory averaged 286 homes for sale in 2013 and is almost flat compared to 2012's 292 units.
Pending Sales for December was a healthy 204 units. And, 2013's average of 238 units remains comparable to 2012's average of 250 units.
30 Year Fixed Mortgage Rates average for 2013 increased to a still very affordable 3.97% as compared to 2012's 3.66%.
XCOR- Coming to Midland- XCOR Aerospace
7 Ships of the New Space Age- Popular Mechanics
Fed Reserve: 2014 could be better year for US economy- USA Today
Record construction in Midland, Odessa tops $1Billion- mrt.com
Midland’s unemployment rate drops to 2.9 percent- mrt.com
Cline Shale still the “big unknown” in 2013- Bloomberg Businessweek