If you're planning to buy or sell a home in Midway ISD soon, maybe you'll find this market information helpful.
The stats and analysis is based on sales for the first half of 2014 (January 1, 2014 - June 30, 2014).
First, here's a look at a few areas. Below are the top 5 school districts as far as market share:
You'll notice that Waco ISD and Midway ISD dominate the market share for residential sales in McLennan County. These are properties that actually closed in the first six months if this year.
Now, let's look at average price by school district:
Looks like although Lorena ISD has a smaller market share, they have the highest average price. Some of these is attributed a few homes that had several acres (20+) that sold for a higher price.
Lorena is a great spot if you're looking for homes with a little land (or in some cases a lot of land). Midway ISD is mostly a "lot and block" area... meaning that typically land is developed and divided into subdivision lots and sold to home builders. There are a few areas that have a little land, but those are few and far between (with the exception of the Speegleville area). Also, China Spring and parts of Robinson are a couple of more areas where you can find homes with acreage.
Midway ISD is composed of six elementary schools (grades K-4), two intermediate schools (grades 5 & 6), one middle school (grades 7 & 8) and one high school (grades 9 - 12). There's debate on whether Midway ISD will need to build a 7th elementary school. With all the continued growth in Midway ISD, I'm from the camp that says we'll need another elementary school.
If I breakdown the Midway ISD area into six "zones" (by elementary school), here's what the info looks like:
Woodway Elementary has the largest market share of Midway ISD. A close 2nd and 3rd is Hewitt Elementary and South Bosque Elementary, respectively.
The South Bosque Elementary "zone" towers above the rest of the homes as far as sold price. Not really surprising though as there is still a lot of residential construction going on in Badger Ranch, Sunwest Village, Stone Creek Ranch, Twin Rivers, and Hidden Valley. Some of those homes tend to be large too.
Even though the area west of Loop 340/Highway 6 has had strong sales historically, the South Bosque Elementary area has had real surge as of late. Comparing the first 6 months of sales this year to the same time period last year, sold prices for the area has had an increase 15.22% in price!
Here's a chart for home prices when compared to the first 6 months of last year:
The first thing you'll notice is that some areas have had a decrease in price. If you live in one of those areas, I wouldn't be too alarmed though. Personally, I haven't seen any instances where homes have actually "lost value" in those areas. I think that one of the reasons for the drop in sold price is lack of good inventory. Also, the buyers we've had lately have been looking at more expensive homes than usual. We've been getting more "upgraders" than first time home buyers in the past year.
I know, usually when there is a lack of inventory and the demand is high, you should see prices increase. But lately, I've had buyers simply choose another area. For example, they didn't find what they were looking for in the Spring Valley zone, so instead of paying a higher price for a home there, they decided to increase their price range and choose to buy in one of the other areas.
Last year, Midway ISD released an in-depth demographic and projection report for the area. Now, I tend to be an information hog and a numbers guy. I've looked at this report many times and always find something new and interesting. If you'd like to have a pretty detailed report of the Midway ISD area, you can download it here: Midway ISD Demographic & Projection Report
Of course, these are a just a few stats. If there is something in particular you would like to see, just let us know and we'll be glad to run custom numbers and an analysis for you!
Here's a great place to start if you want to find homes for sale in Midway ISD (these are all home in the MLS in Midway): Home Search
The information used in this post was obtained from the MLS database provided by Waco Association of Realtors