January 2010
Midland’s Real Estate Market Update
Although Midland’s real estate market experienced a moderate slow down in 2009 the average sales price for the year remained virtually unchanged as it fell only $681 from the 2008 average of $193,436. In addition the median sales price of $171,950 for 2009 was down only slightly from the median for 2008 of $172,992.
Market activity has increased sharply in the early days of January indicating the upward trends that were experienced in late 2009 are continuing. For example, homes under contract were up substantially for each of the last four months of the year versus the same period of 2008. Supporting those positive trends, the January 2010 homes for sale dropped to 528, down substantially from our February 2009 high of 586. When coupling the recent improving market conditions with higher oil prices we anticipate a positive market during 2010.
The $6,500 tax credit for current homeowners purchasing a home and the $8,000 tax credit for first time home buyers will both expire on April 30, 2010, so now is the perfect time to make that new home purchase. Call the Lanier Team today to expediate your savings.
Market Snapshot
Available Inventory this month remained stable at 528 homes with the average for 2009 at 559.
Number of Homes Sold for December was 88 compared to last year’s 98.
Under-Contract/Pending Sales had a strong increase during the last quarter ending the year with 126 as compared to December 2008’s 94.
2009’s Median Sales Price is holding at $171,950 as opposed to $171,950 for 2008.
2009’s Average Days On the Market is down to 68.8 days from April’s high of 81 Days and moderately higher when compared to October 2008’s 56 days.
Available New Construction in the MLS continues to decline from the 2009 high of 158 to an exceptionally healthy 81 homes which represents the lowest number since mid-2007.
30 Year Fixed Mortgage rates are at a very affordable 4.93% down significantly from last year’s average of 6.04% with some forecasters predicting even lower rates in the months ahead.
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