3,390 single family homes closed during 2018 as compared with 3,229 closed sales during 2017; an increase of 4.99%, just 46 closed sales shy of the most homes sold in the Amarillo MSA (Armstrong, Carson, Oldham, Potter, and Randall counties) in a calendar year. 2018 marks the fifth straight year of over 3,000 closed sales. The Texas A&M Real Estate Center reports statewide sales up 2.5% YTD through November, while the National Association of Realtors expects 2018 closed sales across the nation to be down in the 5% range.
Other measurements of the market were also positive, including an increase in the average sales price of 1.73% to $192,683 while the median sales price increased by .93% to $163,500; both measurements being all-time highs.
The average days on market was flat at 87 days, the same as a year ago. The sales price to list price ratio was basically flat at 97.11% of listed prices compared to 97.03% a year ago.
The available inventory of homes for sale rose for the ninth straight quarter (on a year-to-year basis) to 1,129 active MLS listings as of December 31, 2018, an increase of 108 more homes for sale from one year ago; with nearly all of the increase occurring in the price range between $200,000 - $500,000.
Factors influencing the local housing market include the local unemployment rate which stood at 2.5% according to the November report from the Texas Workforce Commission with 2,500 more people employed than one year ago (an increase of 1.95%); conventional 30-year mortgage loan interest rates as of December 31, 2018 were 4.875%, up .75% from where rates stood a year ago. On another positive economic note, foreclosure activity was flat in 2018 at 246 foreclosures compared to 250 foreclosures in 2017; 26% lower than the five-year moving average for foreclosures in Potter-Randall counties.
One of the best measurements of the health of a single-family housing market is total months of inventory which takes into consideration both the current listing inventory and sales activity over a defined period of time. Texas A&M’s Real Estate Center’s definition of a balanced market is 6.5 months of available inventory. Overall, the total months of inventory as of December 31, 2018 is 4.00 months, but that doesn’t tell the full story. Please see the above linked AMARILLO, TEXAS SINGLE FAMILY HOUSING MARKET STATISTICS for the Quarter Ending December 31, 2018 for specific months-of-inventory by price range.
2018 Amarillo Housing Market Activity YTD December 31, 2018
3,390 closed sales in 2018 compared with 3,229 closed sales in 2017, a 4.99% increase from one year ago.
Single-Family Home Prices
Average single-family home prices were up 1.73% to $192,683. Median single-family home prices were up .93% to $163,500.
There were 1,129 active single-family listings in the (MLS) as of December 31, 2018. This represents an increase of 108 listings from one year ago, an increase of 10.58%.
Considering increases in both YTD Sales Closed and the available single-family inventory, the number of months of available inventory stands at 4.00 months as compared to 3.79 months one year ago.
539 new single-family homes were permitted by the city of Amarillo during 2018 compared with 479 in 2017, an increase of 12.53%. For the first time in nearly a decade, the amount of ready-to-build lot inventory no longer inhibits the number of homes that can be built in the market. Available subcontractors and labor appear to be the only governor on the new home market currently.
Residential properties posted for foreclosure and actual foreclosures were basically flat for 2018. Postings were down 6 in 2018 to 513 postings, while actual foreclosures were down 4 for a total of 246 foreclosures in 2018. Compared to the five year average of those years between 2013-2017, foreclosures were down 86, or 26%.
3,250 – 3,450 Single Family Sales
$196,500 Average Sales Price; $166,500 Median Sales Price
1,050 – 1,150 Active Listings at year end 2019
500 – 600 Single-Family Building Permits
225 - 275 Foreclosures
Amarillo Association of Realtors’ Multiple Listing Service
Texas A&M Real Estate Center
National Association of Realtors
City of Amarillo Building Safety Department
Texas Workforce Commission
Amarillo Foreclosure Report
*CB First Equity, Realtors has reported on the Amarillo Area housing market since 1977. Those reports have been based on reported sales/listings provided by the Amarillo Association of Realtors’ Multiple Listing Service (MLS). The MLS has grown, territorially, over the years and technological advances have made it easier for data to be processed from virtually every corner of the Texas panhandle. We have always focused on the immediate Amarillo area, including Canyon, Claude, Bushland, and Panhandle. However, as the MLS has grown, it has become more difficult to filter out data from outside the immediate Amarillo, resulting in minor distortions in our reports.
Data now considered is specific to five counties that comprise the *Amarillo Metropolitan Statistical Area (MSA). Armstrong, Carson, Oldham, Potter, and Randall counties. This mirrors current reporting at the Real Estate Center at Texas A&M University.