Thursday, August 15, 2013

Midland Market Update

Earlier this month, Chris Isidore wrote in an article for CNN Money that "..a year ago, the index posted a 12-month decline in prices". He was referencing the national housing index which measures prices in the 20 largest markets in the US. Isidore went on to say, "But prices have increased every month since June 2012, and each month the increase has been greater than the month before".  Reports similar to this have been circulating in national news quite a bit lately, so we thought we'd crunch the local numbers for you.

In 2005, the Midland Board of REALTORS© reported an average price of $144,025 for single family homes. In 2008, the average sale price was $141,491; and in 2012 is was $140,425. This year to date, there has been an average sale price of $144,418. There are certainly a lot of factors that play into this data, but we are cautiously optimistic. Locally, we are experiencing some of the price recovery that is being talked about nationally.  Shelley Park Cluff, Broker Owner of Park Place Homes, said "I wouldn't go so far as to say that the market is back, but I would say that we're starting to see good signs of recovery in many areas".  The graph pictured here shows the trend in the average sale price of single family homes in Midland county from 2005 through August of 2013.

Recovery, of course, is not universal.  Certain price ranges, and even certain neighborhoods, are experiencing recovery at different rates.  The only way to know what your home may currently be worth is to speak with a qualified professional.  Call Park Place Homes anytime for your free, no obligation home valuation.  Our REALTORS© are always available to assist you.

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