Midland’s percent increase in homes sold puts city in its own class
The Texas Association of Realtors’ midyear review of real estate shows Midland isthe most expensive city in West Texas and comparable to larger metropolitan areas in the state.
The review indicated the median price for a home sold between January and June of 2017 was $246,000, which is 5.1 percent higher than last year.
That median price was higher than the median price in Odessa ($170,000), San Angelo ($165,000), Amarillo ($163,700), Lubbock ($155,000), Abilene ($152,000) and El Paso ($146,904).
Midland’s median price was greater than the median price of a home sold in the state during the same period ($221,000). It was also higher than the median price in San Antonio ($210,000) and Houston ($229,000) but lower than Dallas/Fort Worth ($254,269) and Austin ($295,000).
The report showed the availability of homes priced under $200,000 in the Midland statistical area has decreased 0.9 percent since 2014, and the most popular prices ranges inside the MSA were $200,000-$299,999 (32.5 percent), $100,000-$199,999 (28 percent) and $300,000-$399,999 (17.8 percent).
Other notables from the report included:
The number of active listings (484) was down 26.8 percent from 2016 (year to date).
The months of inventory (2.7) was down 1.3 months from June 2016.
The average days a home sold stayed on the market was 54 days, down two days compared to 2016 (YTD).
The price per-square-foot of a home sold increased 3.4 percent from 2016 (YTD) to $123.
The report also showed 1,388 homes sold in Midland, which was a 39.6 percent increase from the same period in 2016. The rest of the state couldn’t keep up with Midland. The state showed a 5.5 percent increase. Other changes in this category were reported for Odessa (10 percent increase), Austin (4.1 percent increase), Dallas
(3.9 percent increase), Houston
(6.7 percent increase) and San Antonio (5.4 percent increase). Amarillo, San Angelo
and Lubbock reported decreases.
The Texas Association of Realtors report also showed the average apartment rent in Midland-Odessa was $943, and there was a 7.2 percent apartment vacancy rate.