Home sales increase; inventory drops in Midland County

A “Midland Market Update” from Kerri Payne of The Agency showed the number of “active” listings as of March 22 had dropped to 414.

“Midland’s market is really picking up!” Payne wrote in an email. “We are starting to see multiple-offer situations and homes going over list price once again. We are getting in to our ‘hottest months’ now and expect to see more of this.”

Payne added those doing seeking 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 am showing about 10 homes,” Payne wrote. “I express to buyers when they see a home that they are considering placing an offer on they need to act quickly.”

Jeaneen Pruitt with the Jeaneen Pruitt Team Real Estate with Pine & Beckett Realtors reported there were 383 homes for sale last weekend and 434 homes under contract. Pruitt’s numbers show a market with lots of buyers. The Texas A&M Real Estate Center showed the most homes bought in February since it stated keeping track of the month numbers (236).

Pruitt added that 63.9 percent of closed sales were in the $200,000-$399,000 price range, which has become Midland’s version of workforce housing. Pruitt also said her office has seen a larger number of first-time home buyers and move-up buyers.

“I believe the expectation that interest rates were going to go up was a big factor in causing buyers to purchase,” Pruitt wrote. “This price point continues to be in high demand, and we have seen multiple”offers on many properties — especially the updated and well-cared-for homes.

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

“It’s a great time to sell a home for sure,” Pruitt said. “Buyers still have value on their mind. They want a good location and great condition.”

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

• The average price for a home sold was $333,239. It was the 42^nd-straight month that the average price for a home sold topped $300,000 in Midland County. 
• The median price for a home sold in February was $312,000. It was the eighth-straight month that the median price for a home sold topped $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 that more than 200 homes were sold inside Midland County during the month. The other time was 203 in February 2018.
• The median price for a home sold in Ector County was $249,100.