
According to the Midland Reporter-Telegram, home prices in the west Texas town of Midland are heading north again according to the latest numbers from The Permian Basin of Realtors. The PBBOR showed the average home sold for $355,437, which was higher than the 2019 average of $347,006. In November 2018, the number was $318,401. The most popular price range clocks in at $300,000-to- $399,999. There were 32 sold in the $250,000-to-$299,999 range while the $250,000-to- $299,999 price range had the lowest number of days on the market at 25.
Buyers may have to wait for a price normalization. The PBBOR reported other sellers’ market tendencies, including a drop in inventory -- from 569 in October to 523 in November -- a decrease in the number of days the average home sold stayed on the market -- from 40 to 38 -- and an increase in the median price for a home sold -- from $289,950 to $299,950).
The number of homes sold in Midland County fell from 230 in October to 160 in November. Over the last eight months there typically was a decrease in the number of homes sold, according to the PBBOR. However, 160 is the third lowest number of homes sold going back 36 months. In November 2018, 204 homes were sold in Midland County.
Driving up the average price of a home sold in November was the number of higher-priced homes sold. The PBBOR reported 27 homes priced between $500,000 and $999,999 were sold in November and two homes were sold for $1 million or more. In October, there were 16 homes sold from between $500,000 and $999,999 and one selling for $1 million.
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