Stewart Doreen, MRT.com/Midland Reporter-Telegram
All sorts of housing records were set in Midland County during the month of January.
The Texas A&M Real Estate Center reported:
A new record for median price for a home sold in any month: $330,000;
A new record for average price for a home sold in January: $365,490;
A new record for sales during the month of January: 175;
A new record for total dollar volume: $63.96 million.
And if one looked at the numbers hard enough, they would see a market returning to pre-COVID pandemic normal in other areas. The A&M center showed:
The number of homes available at the end of the month dropped below 600 for the first time since February 2020. The total was 584.
The months of inventory also finished at its lowest number since February 2020 – 2.3 months.
So, the price is up, and the inventory is dropping. The sellers’ market is again back in Midland – not that it really went away. Even with increasing inventory during the pandemic, prices never really dropped. In fact, the A&M Real Estate Center reported that January was the 41st straight month that the average price for a home sold topped $300,000 in Midland County. The center also shows a new streak starting as the median price for a home sold topped the $300,000 for the eighth-straight month.
The price numbers from January showed growth month over month and year over year. In terms of median price, the $330,000 was more than $20,000 greater than December and $10,000 greater than January 2021.
Months of inventory not only dropped for the fourth straight month (from 3.0 months to 2.3) but is 36 percent lower than the 3.6-month total in January 2021.
January 2022 report
Midland County
Sales: 175
Total dollar volume: $63.96 million
Average price for home sold: $365,490
Median price for home sold: $330,000
Homes available at end of month: 584
Months of inventory: 2.3
Top months for median price
January 2022: $330,000
November 2021: $325,000
January 2021: $320,000
August 2019: $319,000
February 2021: $316,500
Top months for average
September 2021: $379,450
August 2021: $371,298
July 2019: $362,983
November: $361,121
Source: Texas A&M Real Estate Center