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Home ยป PBBOR: March sets 10year record for homes sold

PBBOR: March sets 10year record for homes sold

231 houses valued at $66.458 million were sold last month

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March will go down as a record for the number of homes sold in one month during the past 10 years in Midland County.

That is the message this week from Carroll Nall, MLS/Member Services director for the Permian Basin Board of Realtors.

The 231 homes sold broke the previous mark of 228 (in both June and July of 2015)and laid the foundation for nearly $66.458 million in homes sold in the month of March. To provide a comparison, there was $40.934 million in homes sold during the most active February going back at least five years.

Midland has turned into a sellers’ market, with the number of homes sold reaching alltimelevels and the number of available homes dropping fast. The 318 homes on the market is the fewest since September 2014 (317). It is also nearly half of the 630 homes that were on the market as recently as July.

“Current trends would indicate that we have about 1 1/2 months inventory, and in spiteof that, the market remains strong,” Nall said. “Prices remain in line with 2016tendencies. Buyers still have choices. Sellers are always welcomed.”

Realtor Victoria Printz said the market hasn’t felt this busy in more than a decade. Shesaid it is “slim pickings” for homes under $350,000 or $400,000 as some price ranges are “wiped out.”

“Once (a recent listing) hit the computer, I had five offers,” Printz said. “Another hadbeen on the market for a year, and it just sold for $5,000 over the listing price in a bidding war. Six months earlier, someone could have purchased (the home) for $15,000 less.”

The listing price was $345,000, she said.

Printz said factors include the number of people coming to Midland, includingemployees being transferred by Anadarko. There still are 170 families coming to Midland with Anadarko, she said.

“And that’s just one company,” Printz said.

She said sales from some builders, such as Betenbough and DR Horton, don’t evenmake the MLS statistics. She said their lots and homes (in the $250,000-$350,000 range) are going fast. She described the selling environment as “frantic” but still “very
exciting” for the 511 Realtors in Midland.

The average price for a home sold in March rose to $284,012, helped by the 74 homes sold for more than $300,000 and by the three sold for more than $1 million. The number of days a home sold stayed on the market was 66, which was a drop from
February (75).

March statistics

Average total on the market: 318
Homes sold: 231
Average days on the market: 66
Average sold price: $284,012
Average list price: $295,069
Median sold price: $245,000
Median list price: $250,000
Total house sales sold (dollar volume): $66.458 million

Average number of houses on market in March

2012: 140
2013: 197
2014: 274
2015: 533
2016: 594
2017: 318

Total houses sold in March

2012: 154
2013: 156
2014: 159
2015: 140
2016: 161
2017: 231

Average days on market in March

2012: 46
2013: 42
2014: 45
2015: 45
2016: 58
2017: 66

Average sold price in March

2012: $215,889
2013: $242,091
2014: $287,860
2015: $265,094
2016: $283,687
2017: $284,012