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Home » Housing market stays heated in Midland County

Housing market stays heated in Midland County

Statistics from the Permian Basin Board of Realtors showed 202 homes were sold in April — a record for the month.

Home sales inside Midland County continue to break records.Statistics from the Permian Basin Board of Realtors showed 202 homes were sold in April — a record for the month. In March, 231 homes were sold, which the PBBOR reported was a record for at least the last 10 years.

Statistics also show that for only the third time in at least the last six years, more than 200 homes were sold in consecutive months. The other times happened in June and July of 2014 and 2015.

“Sales are strong, and prices are stable and ready for summertime shopping,” according to Carroll Nall, MLS/Member Services director for the Permian Basin Board of Realtors. Prices reached a $284,480 average, which was more than March and more than $25,000 greater than the average in April 2016.

All totaled, more than $58 million in home sales took place in April. Seventy homes priced at $300,000 or more were sold in
April, including 20 between $400,000 and $499,999 and 15 for more than $500,000, according to PBBOR.

One area that demonstrated the current shift to a buyer’s market was the drop in the sold home’s days on the market. In April, the average dropped to 51 days (down from 66 in March and 75 in February). The price ranges greater than $200,000 with the lowest DOMs were $300,000 to
$399,999 (39 days) and $400,000 to $499,999 (40 days).

The number of homes available continues to be an indicator of the unbalanced market.

The PBBOR reports there are 1.5 months of inventory in Midland County (a balanced market is closer to six to eight months, according to Realtors in previous reports). And while the number of homes increased from 318 in March to 364 in April, the number of homes heading into the summertime shopping period is fewer than the 601 homes available in April 2016 and the average number of homes available in 2016 (581).

April statistics
Average total on the market: 364
Homes sold: 202
Average days on the market: 51
Average sold price: $284,480
Average list price: $292,087
Median sold price: $255,000
Median list price: $269,000
Total house sales sold (dollar volume): $58.318 million

Average number of houses on market in April
2012: 164
2013: 208
2014: 291
2015: 490
2016: 601
2017: 364

Total houses sold in April
2012: 142
2013: 159
2014: 163
2015: 138
2016: 138
2017: 202

Average days on market in April
2012: 39
2013: 47
2014: 43
2015: 42
2016: 56
2017: 51

Average sold price in April
2012: $225,528
2013: $240,892
2014: $271,722
2015: $261,097
2016: $259,176
2017: $284,490
Source: Permian Basin Board of Realtors