Odessa home sales, prices surpass Texas averages

ODESSA, ECTOR COUNTY – Fourth quarter 2013 saw 272 homes sell, a 9.67 percent increase over 4Q 2012, while the average price increased by 11.74 percent to $185,426, according to the Texas Quarterly housing Report by the Texas Association of Realtors.

Both statistics were ahead of the state average of 6.78 percent more homes sold at an 8.88 percent higher average price.

In 2013, local MLS data show that 1,185 homes were sold in Ector County with an average selling price of $178,572. The average amount of time a home was on the market was 51 days, according to Brian Sales, president of the Permian Basin Board of Realtors.

“The only thing that is limiting additional housing sales now is the availability of housing and now, the price is beginning to serve as a demand killer,” said Amarillo economist Karr Ingham. “I think we will still see housing demand outpacing housing supply, which means we are going to continue to see prices go higher.”

Homes in Midland County sold for an average of $253,780 and spent an average of 36 days on the market, suggesting more intense demand and a greater gap in inventory than in Ector County.

However, homes in both Ector and Midland counties sold in much less time than the 180 days considered the industry standard for a balanced market.

Up to 1,500 homes sold in 2013 were not included in the study because they were either bought directly from a builder or sold by homeowners trying to eliminate a realtor’s fee, according to Sales.  Odessa home sales, prices surpass Texas averages.

Read more at the Odessa American.

About Donna Edwards

Realtor/Broker in Odessa, Texas who takes a unique approach to selling homes – combining powerful technology solutions with top notch service to create a more efficient & seamless experience for her clients.

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