• When data answers the question of 'how much,' don't forget that it needs more context -- 'by when' -- to make sense.

In November, Howmuch.net released this visual examining economic growth across the country.

Growth_US_2014n-metro-area-5d8e

 

It’s a great visual, and it’s one I initially relished because it was clean, comparatively descriptive, and it made me think that real estate agents should hitch a ride on the next wagon train to participate in this gold rush.

But hold on.

In the area of Midland, Texas, the trains might be leaving, not arriving. After some research, I found an October 2013 article that says since fracking was allowed in the Permian Basin, affordable housing was scarce. The boom started more than three years ago.

Then I came across this information on NeighborhoodScout.com:

Midland appreciation rates and housing market information

neighborhoodscout-midlandtx-gerry-12.1.15

House prices in Midland, Texas, started rising more than five years ago and may have had a hiccup through the financial crisis, but they retained a strong growth up until the price of oil was cut in half this year.

I found another source from April 2015 in the local newspaper, the Midland Reporter-Telegram, that shows inventory jumping from 3.1 to 5.3 (year over year).

Midland maintains high home inventory

screencapture-www-mrt-com-business-article_8b194428-d8cb-11e4-b35e-43aa7c05e3f8-html-1449012796653

The figure of six months of inventory is the magic number, and a quick Google search didn’t yield a more current number.

The point of all this is to remember to ask the question “when?” There is a lot of research outlining “how much?”, but the “when?” question should also be answered in unison.

The map still makes a great image, and it probably is a great time to be a real estate agent in major cities and nearby suburbs, but don’t forget about the second part of “how much and by when?”

Email Gerry Gabon.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription