2009 Texas Metro Market Overview
Odessa
Table of Contents Introduction.............................................................................................. 1 MSA Map................................................................................................. 2 Demographics......................................................................................... 3 Education................................................................................................ 8 Employment............................................................................................ 9 Economy............................................................................................... 16 Infrastructure......................................................................................... 17 Multifamily.............................................................................................. 19 Housing................................................................................................. 20 Hotel...................................................................................................... 26 Real Estate Center................................................................................ 27
Market reports are updated annually. The Real Estate Center also publishes market news, which is updated continuously throughout the year. It allows market analysts to access the most current information available. For more current information about this Metropolitan Statistical Area (MSA) or any of the other Texas MSAs, please go to http://recenter.tamu.edu/ mnews/. Note: In 2003, the U.S. Census Bureau revised its definition of counties included in some Texas Metropolitan Statistical Areas (MSAs). As a result, most information presented in this report reflects Texas’ 2003 MSA definition. However, some of the data reported to the Center continue to use the Bureau’s 1999 definition. Data using the1999 MSA definition are stated where applicable.
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2009 Texas Metro Market Overview Introduction
Odessa is at the industrial and commer-
Odessa
cial crossroads of West Texas. Neighbor to Midland, this city was named the fourth top city in America for doing business by Inc.com and newgeography.com in their 2008 survey of the “Best Cities for Doing Business.” The city is about halfway between Dallas– Fort Worth and El Paso and is the Ector County seat.
Quick Facts MSA Land Area (2003 definition)
901.68 square miles
2008 Population Density
146.3 people per square mile
Counties
Ector Area Cities and Towns
Gardendale, Goldsmith, Greenwood, Odessa, Notrees, Penwell, Pleasant Farms *This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable.
The metropolitan area is within the Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University 100-mile–radius Permian Basin. The region is in the heart of the largest single source of oil and gas deposits in the United States. The local economy is heavily dependent on the oil and The La Entrada al Pacífico trade corridor is a route from the gas industry. Pacific Ocean port of Topolobampo in the Mexican state of Sinaloa to Texas and beyond by way of the Midland-OdesThe University of Texas of the Permian Basin (UTPB) sa area. Designated as “Trade Corridor 56” by the Interis home to Odessa’s Presidential Museum and Leadmodal Surface Transportation Efficiency Act, the corridor is ership Library. It is the only facility of its kind in the a joint project between Mexico and the United States. United States dedicated to the office of the Presidency, Sources: Odessa Convention & Visitors Bureau, Odessa Development not just a single president. Corporation and Midland Economic Development Corporation Odessa College boasts notable alumni including Ty Murray, seven-time all around world pro rodeo champion.
Microsoft product screen shot reprinted with permission from Microsoft Corp.
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2009 Texas Metro Market Overview
MSA Map
Odessa
Metropolitan Statistical Areas (MSAs) DALLAM
SHERMAN
HANSFORD
OCHILTREE
LIPSCOMB
HARTLEY
MOORE
HUTCHINSON
ROBERTS
HEMPHILL
GRAY
WHEELER
2
POTTER
CARSON
RANDALL
ARMSTRONG
OLDHAM
DONLEY
DEAF SMITH
PARMER
CASTRO
SWISHER
BAILEY
LAMB
HALE
BRISCOE
COLLINGSWORTH
HALL
CHILDRESS HARDEMAN
COCHRAN
LUBBOCK
TERRY
LYNN
COTTLE
MOTLEY
DICKENS
CROSBY
GARZA
KENT
STONEWALL
GAINES
ANDREWS
9
EL PASO
LOVING
WINKLER
DAWSON
HOWARD
MARTIN
17 16 ECTOR
SCURRY
BORDEN
MITCHELL
CULBERSON
WARD
CRANE
STERLING
MIDLAND
UPTON
NOLAN
REAGAN IRION
REEVES
COKE
RUNNELS
TARRANT
JOHNSON
18
COLEMAN
COLLIN
TOM GREEN
SAN SABA
DALLAS
KERR
EDWARDS
HAYS
REAL
BREWSTER
KENDALL BANDERA
KINNEY
UVALDE
MEDINA
ZAVALA
DIMMIT
19
Prepared by the Labor Market and Career Information Department, TWC Edited by Real Estate Center at Texas A&M University
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6
MADISON
GRIMES WASHINGTON AUSTIN
WALLER
FAYETTE
GOLIAD
BEE
REFUGIO ARANSAS
7
JIM WELLS
NUECES KLEBERG
JIM HOGG
STARR
10
BROOKS
15
HIDALGO
KENEDY
WILLACY
5
CAMERON
LIBERTY
CALHOUN
MATAGORDA
4
BRAZORIA
ORANGE
JEFFERSON
CHAMBERS
FORT BEND
JACKSON
VICTORIA
JASPER NEWTON
HARDIN MONTGOMERY
HARRIS
23
TYLER
SAN JACINTO
GALVESTON
SAN PATRICIO
DUVAL
POLK
WALKER
BURLESON
DE WITT
MCMULLEN
SABINE ANGELINA
BRAZOS
BASTROP
SAN AUGUSTINE
TRINITY
WHARTON
WEBB
ZAPATA
HOUSTON
LEON
LEE
LIVE OAK
14. Lubbock 15. McAllen-Edinburg-Mission 16. Midland 17. Odessa 18. San Angelo 19. San Antonio 20. Sherman-Denison 21. Texarkana 22. Tyler 23. Victoria 24. Waco 25. Wichita Falls
NACOGDOCHES
LAVACA
ATASCOSA
12
SHELBY
FREESTONE
ROBERTSON
KARNES
PANOLA
CHEROKEE
GONZALES
WILSON
HARRISON
RUSK
COLORADO GUADALUPE
GREGG
LIMESTONE
BELL
CALDWELL
FRIO
LA SALLE
3
MARION
22 13
ANDERSON
COMAL
BEXAR
MAVERICK
TRAVIS
BLANCO
UPSHUR
SMITH
VAN ZANDT
NAVARRO
WILLIAMSON
KIMBLE
WOOD
KAUFMAN
MILAM
LLANO
CASS
CAMP
RAINS
FALLS
BURNET MASON
GILLESPIE
VAL VERDE
11
LAMPASAS
MENARD
CROCKETT
HUNT
ELLIS
MCLENNAN
CORYELL
CONCHO
BOWIE
FRANKLIN TITUS HOPKINS MORRIS
ROCKWALL
24
BROWN
21
RED RIVER
DELTA
HENDERSON
BOSQUE HAMILTON
SUTTON
1. Abilene 2. Amarillo 3. Austin–Round Rock 4. Beaumont–Port Arthur 5. Brownsville-Harlingen 6. College Station–Bryan 7. Corpus Christi 8. Dallas–Fort Worth–Arlington 9. El Paso 10. Houston–Sugar Land–Baytown 11. Killeen–Temple–Fort Hood 12. Laredo 13. Longview
8
LAMAR
FANNIN
SOMERVELL
COMANCHE
TERRELL
PRESIDIO
ERATH
MILLS
SCHLEICHER PECOS
DENTON
PALO PINTO
EASTLAND
TAYLOR
MCCULLOCH
JEFF DAVIS
WISE
HOOD
CALLAHAN
COOKE
HILL
GLASSCOCK HUDSPETH
1
FISHER
MONTAGUE
PARKER
SHACKLEFORD STEPHENS
20
GRAYSON
CLAY
JACK
THROCKMORTON YOUNG
HASKELL
JONES
25
ARCHER
BAYLOR
KNOX
KING
WICHITA
WILBARGER
FOARD
14
HOCKLEY
YOAKUM
FLOYD
2009 Texas Metro Market Overview
Odessa
Demographics Area Cities With 10,000 or More Residents
Odessa MSA Population* Percent Change
City
1990 Population
2000 Population
Growth 1990–2000 (in percent)
89,699
90,943
1.4
Year
Population
1997
121,749
-
1998
123,544
1.5
1999
122,450
-0.9
2000
121,123
-1.1
2001
120,866
-0.2
2002
122,361
1.2
2003
122,948
0.5
2004
124,293
1.1
2005
125,339
0.8
2006
127,462
1.7
2007
129,570
1.7
Average household size (2000)
2.72
2.74
2008
131,941
1.8
Population younger than 18 (2000, in percent)
30.4
28.2
*July 1 population estimates
Population 65 and older (2000, in percent)
10.9
9.9
Source: U.S. Census Bureau
Source: U.S. Census Bureau (1999 definition)
Odessa
Source: U.S. Census Bureau
Household Composition Ector County
Distribution by Race and Hispanic or Latino Origin, 2000 (in percent) Ector County
Texas
White
73.7
71.0
Black
4.6
11.5
Asian
0.6
2.7
American Indian
0.8
0.6
17.4
11.7
2.8
2.5
42.4
32.0
Other Two or more races* Hispanic (of any race)
Source: U.S. Census Bureau (1999 definition)
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Texas
2009 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Population Growth Forecast, 2000–2020 Texarkana Wichita Falls Beaumont–Port Arthur Abilene San Angelo Sherman-Denison Longview Lubbock Midland Tyler Waco Odessa Victoria College Station–Bryan Amarillo San Antonio Corpus Christi Texas Killeen–Temple–Fort Hood Houston–Sugar Land–Baytown El Paso Dallas–Fort Worth–Arlington Brownsville-Harlingen Austin–Round Rock McAllen-Edinburg-Mission Laredo 0%
10%
20%
30%
40%
50%
60%
Source: Texas State Data Center – Scenario 0.5 (2006 projection)
Odessa MSA Projected Population Year
Texas State Data Center (Scenario 0.5)
Texas Water Development Board
2000
121,123
121,123
2005
126,619
-
2010
132,773
132,759
2015
138,705
-
2020
143,904
144,073
2025
148,864
-
2030
153,887
154,160
2035
158,779
-
2040
163,099
163,141
Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection)
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70%
80%
90%
2009 Texas Metro Market Overview
Odessa
Interstate and Cross-Border
2008 Migration Patterns – traffic flow by state/province Based on 84,447 Interstate Household Goods Moves from January 1, 2008 through December 31, 2008
Texas Migration Patterns 2008 Data are based on Atlas Van Lines Interstate and Cross-Border Household Goods Moves per calendar year. Atlas analyzes data in January on the origins and destinations of the company’s interstate moves during the prior 12 months.
KOTA
OREGON
ound
Outbound
207 193 169 166 188 201 148 176 177 131
253 143 120 133 142 106 166 214 219 169
Year
2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
SOUTH CAROLINA
Inbound
Outbound
987 1,026 1,239 1,421 1,298 1,118 1,198 1,504 1,768 1,418
682 818 721 799 994 967 937 1,227 1,440 1,279
Year
2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
TEXAS
Inbound
Outbound
1,825 2,023 2,087 2,092 1,909 1,637 1,414 1,438 1,423 1,469
1,538 1,757 1,710 1,856 1,780 1,526 1,385 1,630 1,605 1,419
Year
2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Inbound
Outbound
8,629 8,831 9,714 9,525 8,644 8,075 7,723 9,030 10,063 8,718
6,442 6,665 6,812 7,210 7,442 6,920 6,778 7,584 8,659 7,945
Source: Atlas Van Lines Jan. 2009 http://www.atlasworldgroup.com/migration
PENNSYLVANIA
ound
Outbound
,131 2,345 2,677
3,339 3,841 3,755
Year
2008 2007 2006
SOUTH DAKOTA
Inbound
Outbound
2,328 2,652 2,890
2,800 2,866 3,103
Year
2008 2007 2006
Inbound
220 185 ~5~ 205
UTAH Outbound
238 214 244
Year
2008 2007 2006
Inbound
Outbound
512 596 733
552 630 658
2009 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Population* Change 2008
Percent Change
1,155,579
1,652,602
43.0
McAllen-Edinburg-Mission
537,929
726,604
35.1
Laredo
182,994
236,941
29.5
Dallas–Fort Worth–Arlington
4,917,993
6,300,006
28.1
Houston–Sugar Land–Baytown
4,534,979
5,728,143
26.3
San Antonio
1,659,847
2,031,445
22.4
324,556
392,736
21.0
20,157,531
23,843,432
18.3
Tyler
171,033
201,277
17.7
Killeen–Temple–Fort Hood
325,335
378,935
16.5
College Station–Bryan
179,498
207,425
15.6
Sherman-Denison
107,020
118,804
11.0
El Paso
671,250
742,062
10.5
Amarillo
221,447
243,838
10.1
Waco
209,800
230,213
9.7
Lubbock
246,865
270,610
9.6
Midland
118,321
129,494
9.4
Odessa
123,544
131,941
6.8
Longview
193,114
204,746
6.0
Texarkana
128,718
135,509
5.3
San Angelo
105,787
109,563
3.6
Victoria
110,758
114,313
3.2
Corpus Christi
403,818
415,376
2.9
Abilene
158,264
159,521
0.8
Beaumont–Port Arthur
382,827
378,255
-1.2
Wichita Falls
151,206
147,328
-2.6
Metropolitan Area Austin–Round Rock
Brownsville-Harlingen Texas
1998
*July 1 population estimates Source: U.S. Census Bureau
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2009 Texas Metro Market Overview
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Odessa
2009 Texas Metro Market Overview
Odessa
Education Educational Attainment, Persons Age 25 and Older, 2000 (in percent) County
High school graduate
Some college, Associate’s Bachelor’s Master’s Doctorate no degree degree degree degree degree
Ector
26.8
23.8
5.4
8.6
2.3
0.2
Texas
24.8
22.4
5.2
15.6
5.2
0.8
Source: U.S. Census Bureau
Educational Level, Persons Age 25 and Older (in percent) Odessa-Midland MSA
Texas
High School Graduate or Higher
73.5
79.2
Bachelor’s Degree or Higher
18.4
23.9
Level of Education
Source: U.S. Census Bureau, 2000 (1999 definition)
Local College and University Enrollment, Fall Semester School
2004
2005
2006
2007
2008
Odessa College
4,569
4,788
4,571
4,580
4,687
University of Texas of the Permian Basin
3,291
3,406
3,462
3,559
3,496
Source: Texas Higher Education Coordinating Board
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2009 Texas Metro Market Overview
Odessa
Employment Distribution of Employment in Major Categories Odessa MSA 70,000
60,000
Total Annual Jobs
50,000
40,000
30,000
20,000
10,000
0 2004
2005
2006
2007
Natural Resources and Mining and Construction
Manufacturing
Trade, Transportation and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Government Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2008
2009 Texas Metro Market Overview
Odessa
Metropolitan Area Nonfarm Employment Change 1998–2008 Wichita Falls Beaumont–Port Arthur Abilene Waco Lubbock El Paso Corpus Christi Amarillo Texarkana Dallas–Fort Worth–Arlington Texas Odessa Houston–Sugar Land–Baytown Tyler San Antonio College Station–Bryan Longview Killeen–Temple–Fort Hood Brownsville-Harlingen Austin–Round Rock Laredo Midland McAllen-Edinburg-Mission 0%
10%
20%
30%
40%
Note: San Angelo, Sherman, Victoria MSAs no longer collect employment data Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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50%
60%
2009 Texas Metro Market Overview
Odessa
Texas Metropolitan Area Nonfarm Employment Change 1998
2008
Percent Change
140,000
218,600
56.1
63,500
90,300
42.2
600,700
777,400
29.4
Brownsville-Harlingen
99,700
126,300
26.7
Midland
56,000
70,200
25.4
103,600
126,900
22.5
Longview
81,000
98,400
21.5
College Station–Bryan
78,200
94,700
21.1
705,500
853,200
20.9
79,500
95,800
20.5
2,167,400
2,602,700
20.1
53,300
63,400
18.9
Texas
8,938,300
10,616,800
18.8
Dallas–Fort Worth–Arlington
2,569,000
2,986,300
16.2
51,100
58,100
13.7
Amarillo
100,000
113,400
13.4
Corpus Christi
161,700
183,100
13.2
El Paso
247,900
278,200
12.2
Lubbock
117,100
130,700
11.6
Waco
97,000
107,400
10.7
Abilene
62,900
67,900
7.9
160,700
164,600
2.4
61,500
61,700
0.3
San Angelo
n/a
n/a
n/a
Sherman-Denison
n/a
n/a
n/a
Victoria
n/a
n/a
n/a
Metropolitan Area McAllen-Edinburg-Mission Laredo Austin–Round Rock
Killeen–Temple–Fort Hood
San Antonio Tyler Houston–Sugar Land–Baytown Odessa
Texarkana
Beaumont–Port Arthur Wichita Falls
Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University *Note: San Angelo, Sherman and Victoria MSAs no longer collect employment data
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2009 Texas Metro Market Overview
Odessa
Nonfarm Employment Growth Odessa MSA 8.0 6.7
6.3
Perc cent Change from Previous Year
6.0
4.0 1.8
2.0
0.0
4.2
2.4
3.1 0.4
1.4
2003
2004
0.0 0.0
-2.0
-4.0
-6.0
-8.0 -8.1 -10.0 1998
1999
2000
2001
2002
2005
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Odessa MSA Nonfarm Employment Percent Change
Year
Employment
1998
53,300
-
1999
49,000
-8.1
2000
49,900
1.8
2001
51,100
2.4
2002
51,100
0.0
2003
51,300
0.4
2004
52,000
1.4
2005
53,600
3.1
2006
57,000
6.3
2007
59,400
4.2
2008
63,400
6.7
Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2006
2007
2008
2009 Texas Metro Market Overview
Odessa
2007 Average Hourly Wage Dallas–Fort Worth–Arlington
19.98
Austin–Round Rock
19.87
Houston–Sugar Land–Baytown
19.72
Midland
19.54
College Station–Bryan
18.94
Texas
18.21
Beaumont–Port Arthur
16.91
Lubbock
16.75
San Antonio
16.64
Odessa
16.53
Amarillo
16.25
Tyler
16.02
Victoria
15.92
Corpus Christi
15.88
Waco
15.66
San Angelo
15.54
Sherman-Denison
15.5
Killeen–Temple–Fort Hood
15.43
Longview
15.41
El Paso
15.31
Wichita Falls
15.25
Texarkana
15.25
Abilene
14.67
Laredo
14.27
Brownsville-Harlingen
13.35
10
12
14
Note: Data reflect most recent year surveyed Source: Texas Workforce Commission
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16
18
20
22
2009 Texas Metro Market Overview
Odessa
Unemployment Rate Odessa MSA 12
10.6 10
Percent
8 6.6
6.8 5.9
6 5.4
5
4.7
4
3.9 3.4
3.4
2
0 1999
2000
2001
2002
2003
2004
2005
2006
2007
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Employment Growth by Industry Odessa MSA
Texas
Employment Growth 2008 (Percent Change)
6.7
2.1
Unemployment Rate 2008 (Percent Change)
3.4
4.9
4,000
221,700
Net Job Change in 2008
2008 Employment Growth by Sector (Percent Change) Natural Resources and Mining and Construction
15.9
5.4
Manufacturing
4.7
-1.1
Trade, Transportation and Utilities
4.6
3.1
Information
0.0
-1.7
Financial Activities
7.7
0.8
Professional and Business Services
7.3
2.8
Educational and Health Services
1.8
3.1
Leisure and Hospitality
5.4
2.8
Government
1.1
2.4
Sources: Texas Workforce Commission and Real Estate Center at Texas A&M University
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2008
2009 Texas Metro Market Overview
Odessa
Odessa Top Ten Employers Employer
Sector
Employees
Ector County ISD
Education
3,430
Medical Center Hospital
Health care
1,786
Saulsbury Companies
Electrical, computers & construction
1,165
Holloman Companies
Oil field construction
1,000
Walmart
Retail
923
City of Odessa
Government
867
Odessa Regional Hospital
Health care
740
Odessa College
Education
710
Haliburton Services
Oil and gas
685
University of Texas of the Permian Basin
Education
659
Source: Odessa Development Corporation, Sept. 2008
Odessa Top Ten Private Employers Employer
Sector
Saulsbury Companies
Electrical, computers & construction
1,165
Holloman Companies
Oil field construction
1000
Walmart
Retail
923
Odessa Regional Hospital
Health care
740
Haliburton Services
Oil and gas
685
Nurses Unlimited Inc.
Health care
582
Weatherford CPS
Oil and gas
553
Telvisa Inc.
Customer service
550
Bobby Cox Companies Inc.
Retail-restaurants
457
Investment Corp. of America
Financial
447
Source: Odessa Development Corporation, Sept. 2008
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Employees
2009 Texas Metro Market Overview
Odessa
Economy 2008 Gross Retail Sales Per Capita Brownsville-Harlingen Texarkana McAllen-Edinburg-Mission Corpus Christi El Paso Wichita Falls College Station–Bryan Sherman-Denison Beaumont–Port Arthur Waco San Antonio San Angelo Victoria Laredo Abilene Fort Worth–Arlington MD Killeen–Temple–Fort Hood Austin–Round Rock Texas Houston–Sugar Land–Baytown Longview Tyler Lubbock Amarillo Midland Odessa Dallas-Plano-Irving MD 5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
Note: Data reflect most recent year surveyed; MD = subset of an MSA Source: Texas Comptroller's Office
Odessa MSA Gross Retail Sales Year
Total Sales
Sales per Capita
1998
$1,335,075,505
$10,806
1999
$1,305,096,621
$10,658
2000
$1,425,344,239
$11,768
2001
$1,576,728,511
$13,045
2002
$1,410,034,999
$11,524
2003
$1,507,156,839
$12,258
2004
$1,560,547,775
$12,555
2005
$1,867,146,500
$14,897
2006
$2,218,178,344
$17,403
2007
$2,464,029,695
$19,017
2008
$2,705,404,820
$20,505
State Average 2008:
$16,904
Source: Texas Comptroller’s Office
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2009 Texas Metro Market Overview
Odessa
Infrastructure Midland Airline Boardings Airport
2004
2005
2006
2007
2008 487,403
Midland International Airport Enplaned
414,522
446,937
473,851
491,321
Deplaned
415,965
445,893
469,207
486,010
481,961
Total
830,487
892,830
943,058
977,331
969,364
Source: Midland International Airport
`
Midland Airport Cargo Statistics (in pounds) Airport
2004
2005
2006
2007
2008
Enplaned
2,453,540
2,757,216
3,122,293
3,181,692
3,194,802
Deplaned
3,221,278
3,834,982
4,484,639
4,596,756
4,616,503
Total
5,674,818
6,592,198
7,606,932
7,778,448
7,811,305
Midland International Airport
Source: Midland International Airport
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2009 Texas Metro Market Overview
Odessa
Midland Airline Boardings and Cargo Statistics Totals 1,000,000
9,000,000
8,000,000 950,000
7,000,000
6,000,000
Passengers
5,000,000
4,000,000 850,000 3,000,000
2,000,000
800,000
1,000,000
750,000
0 2004
2005
2006 Passengers
Source: Midland International Airport
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2007 Cargo
2008
Cargo (in lbs)
900,000
2009 Texas Metro Market Overview
Odessa
Multifamily Odessa–Permian Basin Apartment Statistics 2008 Texas Metro Odessa– Average Permian Basin Average rent per square foot
$0.68
$0.83
Average rent for units built since 2000
$0.52
$0.90
Average occupancy
98.3%
93.9%
Average occupancy for units built since 2000
97.2%
94.9%
Source: Apartment MarketData Research
5+ Multifamily Building Permits Odessa-Midland MSA 500 450 400 350
Units
300 250 200 150 100 50
Data reflects years in which data is available.
0
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University
~19~
1999 MSA definition
2009 Texas Metro Market Overview
Odessa
Housing Home Price Appreciation Odessa MSA The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. 25.0%
Change from Previous Year
20.0%
15.0%
10.0%
5.0%
0.0%
Odessa
Texas
4Q-08
2Q-08
4Q-07
2Q-07
4Q-06
2Q-06
4Q-05
2Q-05
4Q-04
2Q-04
4Q-03
2Q-03
4Q-02
2Q-02
4Q-01
2Q-01
4Q-00
2Q-00
4Q-99
2Q-99
4Q-98
-5.0%
USA
Source: Office of Federal Housing Enterprise Oversight
National Home Price Appreciation The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae. 12% 10%
6% 4% 2% 0% -2% -4% -6% -8%
California
Florida
Source: Office of Federal Housing Financing Agency
~20~
Texas
USA
4Q-08
2Q-08
4Q-07
2Q-07
4Q-06
2Q-06
4Q-05
2Q-05
4Q-04
2Q-04
4Q-03
2Q-03
4Q-02
2Q-02
4Q-01
2Q-01
4Q-00
2Q-00
4Q-99
2Q-99
-10% 4Q-98
Change from Previous Year
8%
2009 Texas Metro Market Overview
Odessa
2008 Housing Affordability Index MLS Odessa Texas United States
2008 MedianPriced Home
Required Income to Qualify
Median Family Income
HAI*
HAI for First-Time Homebuyers**
$166,200
$39,140
$47,000
1.20
0.72
$97,600
$22,985
$55,000
2.39
1.55
$196,600
$46,152
$61,500
1.33
0.66
*The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house. **First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90 percent home loan at an interest rate 0.5 percent greater than the standard current rate. Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold Odessa-Midland Area 14.0
12.0
Percent
10.0
8.0
6.0
4.0
2.0
0.0
2006
2007
Source: Real Estate Center at Texas A&M University
~21~
2008
2009 Texas Metro Market Overview
Odessa
Price Distribution of MLS Homes Sold, Odessa-Midland Area (in percent) Price Range
2002
2003
2004
2005
2006
2007
2008
$29,999 or less
-
-
-
-
5.8
3.3
2.4
30,000–39,999
-
-
-
-
5.4
3.2
2.3
40,000–49,999
-
-
-
-
6.0
3.6
3.0
50,000–59,999
-
-
-
-
7.5
5.1
2.9
60,000–69,999
-
-
-
-
10.8
5.3
4.4
70,000–79,999
-
-
-
-
8.6
7.7
6.6
80,000–89,999
-
-
-
-
8.6
8.4
6.7
90,000–99,999
-
-
-
-
6.3
6.4
8.7
100,000–119,999
-
-
-
-
9.3
10.0
11.7
120,000–139,999
-
-
-
-
10.1
12.7
11.5
140,000–159,999
-
-
-
-
4.3
8.4
9.5
160,000–179,999
-
-
-
-
4.3
4.9
6.4
180,000–199,999
-
-
-
-
2.8
4.7
5.8
200,000–249,999
-
-
-
-
5.1
7.4
6.8
250,000–299,999
-
-
-
-
2.3
4.6
5.2
300,000–399,999
-
-
-
-
1.7
2.7
3.9
400,000–499,999
-
-
-
-
0.3
0.7
1.3
500,000 and more
-
-
-
-
0.7
1.0
0.9
“-” represents unreported data or nonparticipation in Real Estate Center’s survey. Source: Real Estate Center at Texas A&M University
Property Tax Rate 2008 Tax Rate per $100 Valuation
Taxing Entity* City of Odessa
0.562
Ector County ISD
1.129
Ector County
0.358
Total
$2.05
*Only the typical taxing entities are listed. However, there are numerous taxing entities that need to be taken into account for an actual tax rate calculation. See following link for a more complete list: http://www.ectorcad.org/dis.php?p=taxrates Source: Ector County Appraisal District
~22~
2009 Texas Metro Market Overview
Odessa
Average Sales Price Odessa-Midland MLS $160,000 $144,200 $140,000
$133,300
$120,000 $108,600
$100,000
$80,000
$60,000 $60 000
$40,000
$20,000 Data not available through 2005 $0 1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Source: Real Estate Center at Texas A&M University
Yearly Home Sales and Months Inventory Odessa-Midland MLS 1,800
1
1,600
0.9 0.8
1,400
0.7
Sales
0.6 1,000 0.5 800 0.4 600
400
200
0.3 Months Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market. Data not available through 2005.
0.2 0.1
0
0 1999
2000
2001
2002
2003 Sales
Source: Real Estate Center at Texas A&M University
~23~
2004 Supply
2005
2006
2007
2008
Months Inventory
1,200
2009 Texas Metro Market Overview
Odessa
Single-Family Home Sales Volume Odessa-Midland 180
160
140
Units
120
100
80
60
40
20
0 Jan
Feb
Mar
Apr
May
Jun 2006
Jul 2007
Aug
Sep
Oct
Nov
Dec
2008
Source: Real Estate Center at Texas A&M University
800
$160,000
700
$140,000
600
$120,000
500
$100,000
400
$80,000
300
$60,000
200
$40,000
100
$20,000
0
$0 1999
2000
2001
2002
2003 Units
2004
2005
2006
2007
2008
Average Value
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University
~24~
1999 MSA definition
Average Value
Units
Single-Family Building Permits and Average Value Odessa-Midland
2009 Texas Metro Market Overview
Mortgage Rates 30-Year Fixed
18.00 16.00
3.0
2.5
14.00 12.00
2.0
10.00
1.5
8.00 6.00
Points
Rate
Odessa
1.0
4.00
0.5
2.00 0.00
0.0
Annual Average Rate
Annual Average Points
Source: Federal Home Loan Mortgage Corporation
Mortgage Rates 15-Year Fixed
9.00
1.8
8.00
1.6
7.00
1.4
6.00
1.2
5.00
1.0 4.00
0.8
3.00
0.6
2.00
0.4
1.00
0.2
0.00
0.0
Annual Average Rate Source: Federal Home Loan Mortgage Corporation
~25~
Annual Average Points
Points
Rate
2.0
2009 Texas Metro Market Overview
Odessa
Hotel Hotel* Occupancy and Rental Rates 2007 Odessa # Rooms (in thousands) Average daily rate Occupancy rate (in percent)
2008
Texas
Odessa
Texas
1.8
349.7
1.9
360.4
$73.52
$85.28
$88.10
$89.78
71.6
61.4
76.4
61.4
*Only properties exceeding $18,000 in the current quarter are included; those units below $18,000 only result in 1.5 percent of the total state revenues, and have been excluded from this database. Sources: Office of the Governor Economic Development and Tourism and Source Strategies Inc. of San Antonio
~26~
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