The Midland County housing market roared in May, topping $315,000 average price fora home sold, according to statistics from the Permian Basin Board of Realtors.
The PBBOR reported not only a near record price for an average home sold but that the number of homes sold topped 200 for the third straight month. That three-month performance is a first for the PBBOR in statistics going back to 2012.The month of May also showed that houses are staying on the market fewer days (an average of 37). The average number of days on the market (DOM) was the lowest going back to November 2015 and the lowest for a month of May going back to 2014.
Nearly all statistics pointed to a heated market getting hotter, according to PBBOR officials.
“The Midland County residential home sales continue to be strong and active,” said Carroll Nall, MLS/Member Services director for the PBBOR. “We continue on record trends for sales as we sold 229 residential properties in the month of May. We have a good inventory going into the summer sales season as days on market seem to be shortening a bit.”
Sales were strong with a total of $72.254 million in homes sold during the month. The average price $315,522 trailed only August of last year for the highest mark going back to 2012.
The average was boosted by a number of the area’s most expensive homes that came off the market. There were 85 homes sold for more than $300,000, including 22 for more than $500,000 and three for more than $1.25 million. Realtor Victoria Printz said her company sold two of the $1 million-plus homes, and that the buyers are out there. One home, she said, had a pair of cash offers. She also said she had a $950,000 home sold after being listed for just three days.
“(The market) is absolutely crazy,” Printz said Wednesday. “I have had to cancel a trip to Dallas because there is so much going on.” To put the $72.254 million in perspective, the PBBOR reported $66.458 million in homes sold in March during what is the record for homes sold in a month (231).
More Midlanders appear to be looking to see what the market can do for them as the number of homes on the market rose from 364 to 398. That figure is still less than two months inventory, which shows that the market still very much favors the seller.
Average total on the market: 398
Homes sold: 229
Average days on the market: 37
Average sold price: $315,522
Average list price: $322,291
Median sold price: $250,000
Median list price: $257,500
Total house sales sold (dollar volume): $72.254 million
Average number of houses on market in May
Total houses sold in May
Average days on market in May
Average sold price in May
Source: Permian Basin Board of Realtors