Many economists are stating the housing market is still frail and positioned to fall another 15%, 20% or even 25%. Barbara Corcoran's comment: "I think they are dead wrong...of all the major markets, over 100 of them, more than half have already come off the bottom and are rising..." She further supported this claim with details pertaining to open house traffic being up all over the nation.
Those of us working the market, especially in a local market, have our finger on the pulse of the housing market in our cities. National economists have national statistics, and project what they personally think will happen. Enough of the doom and gloom. As Ms. Corcoran said, "This is a bell weather change in the real estate market...you're crazy if it passes by."
Some local statistics on residential, single family homes or condos in the Midland Board of REALTORS MLS:
- Sales price from 2009 to 2010 was up 9.36%
- Number of sales from 2009 to 2010 was up 15.25%
- 2011 average sales price is already up another 11% over last year.
- Year to date, the Midland Board MLS reports 163 sales, 79 of which occurred in the month of February.