Record number of homes sold in the Permian Basin for January

Record number of homes sold in the Permian Basin for January

MIDLAND, TX (KWES) - Despite a downturn in the local economy the past few years, many people are sticking around.

In fact, The Permian Basin Board of Realtors (PBBOR) saw a record number of homes sold for the month of January.

As you drive around Midland you may notice quite a bit of "home for sale" signs, in the month of January those signs were replaced with sold signs.

One hundred and sixty-nine homes were sold just in the month of January. The average number of homes sold for January is around 100.

PBBOR said prices have stabilized and that has helped.

"That's what drives the market," said Carroll Nall, Director of Member Services with PBBOR. "What people are comfortable with and right now buyer confidence is good and buyer confidence is good. There are a good number of houses on the market."

Nall said in the past the board would keep a close eye on oil prices, but they haven't seen any kind of patterns lately.

"Over the course of what they call, 'the bust' our housing sales have remained steady," said Nall. "People are moving out of apartments and moving into houses. Those of us that are part of the rare breed that have been here our whole lives, we think it's a pretty good place. That's the nature of the beast, it's a good place to raise a family and be a part of."

The PBBOR said they like to keep about 400-500 homes on the market to give home buyers a wide variety of options. After January sales less than 300 homes were left on the market.

The board could not speak for specific numbers for the month of February but they say so far, it is looking good and they'll be able to give us a better number in a couple of weeks.

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