Home sales

Increase in home sales; inventory drop in Midland County

The inventory of available homes is down in Midland County.

The Texas A&M Real Estate Center showed the number of homes available at the end of February (517) and months of inventory (2.0) are at their lowest levels since the summer of 2019.

A ‘Midland Market Update’ by Kerri Payne of The Agency showed the number of ‘active’ listings as of March 22 had fallen to 414.

“The Midland market is really picking up!” Payne wrote in an email. “We’re starting to see multiple offer situations and homes that go above the list price again. We are entering our “warmest months” now and we expect to see more.

Payne added that those looking for homes are “relocation buyers” coming to Midland with ConocoPhillips and Chevron.

“Now, instead of showing buyers 25 homes, like I did in 2021 when inventory was so high, I’m showing about 10 homes,” Payne wrote. “I express to buyers when they see a home they are considering bidding on, they need to act fast.”

Jeaneen Pruitt with the real estate team Jeaneen Pruitt with Pine & Beckett Realtors reported that there were 383 homes for sale last weekend and 434 homes under contract. Pruitt’s numbers show a market with plenty of buyers. The Texas A&M Real Estate Center posted the highest number of homes purchased in February since it said it was tracking the month’s numbers (236).

Pruitt added that 63.9% of completed sales were in the $200,000 to $399,000 price range, which has become Midland’s version of labor housing. Pruitt also said his office has seen more first-time home buyers and moving buyers.

“I think the expectation of higher interest rates has been a big factor in getting buyers to buy,” Pruitt wrote. “This price point continues to be in high demand, and we’ve seen multiple ‘offers’ on many properties – especially updated, well-maintained homes.

Homes sold: 236
Dollar volume: $78.644 million
Average price sold: $333,239
Median price sold: $312,000
Units available at the end of the month: 517
Inventory month: 2.0

Source: Texas A&M Real Estate Center.

Other information from the Midland Market Update shows that the average home sold through March 22 has reached a median price of $310,000 and has been on the market for 22 days (median number of days). Payne also showed the median price per square foot was $153 in February.

“Now is definitely a great time to sell a home,” Pruitt said. “Buyers always have value in mind. They want a good location and excellent condition.

Other notables from Texas A&M Real Estate’s February report included:

  • The average price of a home sold was $333,239. It was the 42n/a-a consecutive month where the average price of a home sold exceeded $300,000 in Midland County.
  • The median price of a home sold in February was $312,000. It was the eighth month in a row that the median price of a home sold exceeded $300,000.
  • The dollar volume in February was $78.644 million. The dollar volume in February 2021 was $57.067 million.
  • The 236 homes sold in February marked the second time more than 200 homes were sold in Midland County during the month. The other time was 203 in February 2018.
  • The median price of a home sold in Ector County was $249,100.