Odessa Midland Texas Housing Market Report - November 2008

The Odessa Midland area continued to see strong October sales as oil prices declined.  Average October prices in Odessa posted a measurable gain compared to 2007 average prices, although days on market to achieve those sales were significantly longer.  Midland posted a 13 percent drop in the number homes sold in October but a modest increase in average prices.

Average selling prices in Midland were some $30,000 higher than in Odessa and days on market were significantly less.  It took about 42 days longer to sell a home in Odessa compared to October closings in Midland which averaged 52 days on market.

With the rapid fall in energy prices, real estate could be in for a tough year in 2009.  It remains to be seen just how far oil and gas prices will fall, and how long the downturn will persist.  One thing that is pretty clear though is that prices and sales volumes in the Odessa Midland real estate market will be negatively affected by the decline in energy prices and the poor economic conditions overall.  Historically low unemployment levels in the area will likely reverse course into 2009 and that will make for a more difficult real estate market.