A two-year study of residential sales data was recently released by the Nolan County Board of Realtors, with a positive outlook on the local housing market.
In 2011, 50 houses were sold at a median price of $81,450, at $48,50 per square foot. On average, a house spent almost 112 days on the market.
The following year, 87 houses were sold and, on average, spent 100 days on the market. At $49.69 per square foot, the median price stood at $82,500.
This past year, 92 houses were sold at the median price of $87,000 ($55 per square foot). During this time, a house would remain on the market for 86 days.
"These numbers indicated a steady, sustainable growth pattern for our market," stated the report.
Respectively, the number of units sold and the median price from 2011 to 2013 saw an increase of 5.7% and 5.5%. Additionally, 14 days were reduced from the average number of days a house remained on the market.
Also noted in the report was the months of inventory on available homes. While the amount typically stands at six months--considered a healthy and balanced number, the first part of 2013 sometimes only had three months of inventory, which was cited as historically low for the market.
The report concluded with a look ahead, notably regarding the local impact of the Cline Shale within the area.
"No one knows [its potential impact] on residential real estate activity in Nolan County for 2014 and beyond. So far, the net result has been positive, with steady, gradual increases...a pace much preferred over an uncontrolled boom that was experienced in North Dakota, South Texas and the Permian Basin."