Residential Housing


The Bill Lanier Team
40+ years in the Midland market
"WHERE TRUST AND OUR EXPERIENCE MATTER"

 

Midland Real Estate Trends for March 2014

Midland is no longer a local secret. It actually has become a frequent topic on national news, and the best part of that is, it has been positive news. We recently passed Bridgeport, Connecticut with the highest per capita income in the nation, and in January we enjoyed the highest median home sales price in Texas. All of our positive news has attracted major real estate investment companies into our market as witnessed by a New York firm's recent acquisition of 3,000 apartments.

In addition, The Lanier Team is not just a local secret...we became national news with a top 20 ranking in sales out of 96,000 plus Keller Williams agents. A truly remarkable result considering the size of the Midland market versus the national markets.

In the first two months of 2014 the average sales price in the Midland market was up 8% to $265,577. January's average sales price was an all time high of $274,031. During these records sales our inventory of homes for sale has increased to a more healthy 314 units.

Fixed rate mortgages remain low at 4.25%, a healthy incentive for both buyers and sellers. The Lanier Team's competitive advantage, unique marketing style, in conjunction with our strategy of accurately positioning our listings in the market, has resulted in our listings selling more than twice as fast as our competition.

Come to a nationally recognized leader... The Lanier Team, the leader in experience and performance, for all your real estate needs.
 

Market Snapshot

Number of Homes Sold for the first two months of 2014 increased by 7% to 243 units and is up from 226 in the same period last year.

Average Days on the Market remains at a seasonal norm of 44 days for February as compared to last year's 43.

Average Sales Price increased to $265,577 for the initial two months of 2014 which is up 8% from the prior year's $245,166.

Median Sales Price of $242,739 for the first two months of 2014 is up substantially compared to last year's $212,225 which is a 12.57% increase.

Available Inventory of 314 homes currently up from 2013's 214 homes available for sale for the same period.

Pending Sales of 260 units remains flat compared to 252 units for the same period last year.

30 Year Fixed Mortgage Rates remain at an affordable 4.25% up from March of 2013's average of 3.55%.

Interesting/Related Links:
N.Y. Real Estate Firm Buys 20 Midland, Odessa Apartments - mrt.com
Midland’s median home price is No. 1 in Texas – mrt.com
Development Services of Midland - Shoutbox
Downtown Midland – Newstalk Texas
Finding trustworthy contractor can avoid big problems – mrt.com
Orbital Outfitters Moving to Midland – Parabolic Arc
Midland Unemployment Rate - Bureau of Labor Statistics
Midland Ranked 5th as Best Performing Small Cities - Midland Development Corp.