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Home » PBBOR: Another record month for homes sold

PBBOR: Another record month for homes sold

Another record was set in June for homes sold in a month.

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The Permian Basin Board of Realtors reports that 245 homes were sold last month,marking the second time in four months that a record was established for homes sold in a month.

More than 200 homes were sold for the fourth straight month, another first going back to 2012, according to the PBBOR. Carroll Nall, MLS/Member Services director for the Board of Realtors, wrote in an email to the Reporter-Telegram that the Real Estate Center at Texas A&M reported an additional 40 homes were sold outside the multiple listing service (MLS).

More than 200 homes were sold for the fourth straight month, another first going back to 2012, according to the PBBOR.

“The Real Estate Market in Midland continues its strong showing for 2017,” Nall wrote.
“We remain at about 2.5 months inventory in MLS as we hit the mid-year period.

There were other strong indicators in the PBBOR’s monthly report. They include:
– The average price for a home sold was $311,263. It was the second straight month for an average price above $310,000 — another first for the PBBOR going back to 2012.

– The median price for a home sold was $267,500 — the highest median price since June 2014 ($280,000).

– Realtors sold a total of $76.259 million in homes during the month, the largest volume this year.
– The number of days a home sold stayed on the market was 39 days, an increase from 37 days in May. However, the last time the PBBOR reported two-straight months with days on the market (DOM) under 40 was February 2015.

– The number of more expensive homes remained at a higher level; 99 homes sold for more than $300,000 (last month that number was 85). June’s total included 50 homes sold for between $300,000 and $399,999. Ten homes sold for $750,000 or more. One home sold for more than $1 million.

“June of 2017 was the biggest month I have ever had in 21 years,” Realtor Victoria Printz said. “July is also looking like another fabulous month. I expect it to be a recordbreaking July, as far as Julys go.”

The report also showed 459 homes on the market, which was an increase of 61 compared to May. The number of homes on the market has increased four straight months from March (318 homes), which was the low point this year. Printz said she wasn’t surprised with the increase because April, May and June are the months people normally put their homes on the market. She said the market typically will begin to slow down in August and September.

“Right now, I am not seeing much of a slow down at all,” Printz said. “It is just crazy.”

June statistics
Average total on the market: 459
Homes sold: 245
Average days on the market: 39
Average sold price: $311,263
Average list price: $318,611
Median sold price: $267,500
Median list price: $269,900
Total house sales sold (dollar volume): $76.259 million
Average number of houses on market in June
2012: 314
2013: 289
2014/: 283
2015: 443
2016: 600
2017: 459

Total houses sold in June
2012: 169
2013: 194
2014: 208
2015: 228
2016: 221
2017: 245
Average days on market in June
2012: 30
2013: 61
2014: 30
2015: 51
2016: 51
2017: 39
Average sold price in June
2012: $234,575
2013: $236,456
2014: $340,559
2015: $292,053
2016: $279,759
2017: $311,263

Source: Permian Basin Board of Realtors
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