Midland Housing Market is Booming, Leaving Few Options for Renters

Midland TexasIf you are planning on transferring to Midland, Texas before January 1st, you may be surprised to see the quiet housing market that you remember during the holiday season is gone. There are currently only  300 homes for sale and only 7 homes available for rent as of last week in the Multiple Listing Service database, and those in the real estate industry are seeing the best homes and rental properties going fast.

According to current President of the Permian Basin Board of Realtors Deborah Pierce, “The good houses go quick and the rental situation is pretty tough. Midland is just not like the rest of the state.” Pierce also stated that Thanksgiving and Christmas typically bring a bit of slowdown to the housing market but that this year they are still seeing serious home seekers looking for a place to stay.

There were 309 homes on the market last week, down slightly from the 324 homes listed. However, according to industry professionals, this is consistent with what’s been a constant trend over the last several months, making inventory low. These numbers are extremely low if you compare them to the 508 homes listed in 2010.

Member Services Director at the Permian Basin Board of Realtors Carroll Nall stated that numbers are in line with 2007 when oil prices were more than $100 and rental properties were at nearly full occupancy. “We don’t like having this few houses but our growth has been steady,” she said.

In October the average sale price for a home was $211,483 according to the Permian Basin Board of Realtors. That number has dropped dramatically from September when the average house price was as high as $218,314. However, it still accurately represents a nearly 9% increase when compared to sale prices in October of 2010.

Source: MyWestTexas.com – Housing market not slowing down amid holidays, renters left with few options

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