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We are thrilled to share some exciting news about the Midland real estate market. Despite the challenges posed by increasing mortgage rates over the past two years, our market has displayed remarkable resilience. The slowdown in both buyers and sellers has actually created a healthy balance in our marketplace, leading to significant increases in average sales prices in recent months.
The increase in interest rates, which peaked just above 8% in October, have somewhat dampened buyer demand. They have also resulted in fewer sellers placing their homes on the market due to their current mortgages (existing mortgage rates are averaging a little over 3% across the country). However, we are pleased to inform you that interest rates have recently retreated from the October daily high of 8.03% to 7.32% in the past few days according to Mortgage News Daily.
In October, we achieved a milestone record monthly average sale price of $442,440. Moreover, the year 2023 is on track to set another annual record average sale price, currently standing at $392,598 year-to-date. This represents a remarkable 7.1% increase over the same period in 2022. Additionally, the median year-to-date sales price has experienced a steady increase of 1.9% compared to 2022.
One of the factors contributing to these remarkable sales levels is the surge in home sales above $1 million. This trend indicates that upper-income buyers have strong confidence in Midland's future. So far this year, we have witnessed 49 homes selling above $1 million, compared to only 37 sales during the same period last year, marking an impressive increase of 32.4%.
The Lanier name has been synonymous with excellence in the Midland real estate market since 1969. The Lanier Team, known for their experience and specialized service, is a highly successful team with over 60 years of combined experience. They are well-positioned to represent both buyers and sellers, providing the utmost care, expertise, and discretion. If you or anyone you know could benefit from their services, they would be more than happy to assist you. Feel free to share this newsletter with others who may find this information valuable.
We hope you find this newsletter informative and inspiring. The Midland real estate market is thriving, and we are excited to be a part of it.
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