2,617 single family homes closed during the first nine months of 2018 as compared with 2,501 closed sales during the first nine months 2017; an increase of 4.64%.
Other measurements of the market were also positive, including an increase in the average sales price of 2.58% to $194,315 while the median sales price increased by .68% to $164,000. The average days on market was flat at 86 days, the same as a year ago. The sales price to list price ratio was basically flat at 97.22% of listed prices compared to 97.18% a year ago.
The available inventory of homes for sale rose for the eighth straight quarter (on a year-to-year basis) to 1,234 active MLS listings as of September 30, 2018, an increase of 67 more homes for sale from one year ago.
Factors influencing the local housing market include the local unemployment rate which stood at 2.8% according to the August report from the Texas Workforce Commission with 2,700 more people employed than one year ago; conventional 30-year mortgage loan interest rates as of September 30, 2018 were 5.00%, up .875% from where rates stood a year ago. On another positive economic note, foreclosure activity was flat in the first nine months of 2018 at 181 foreclosures identical to the 181 foreclosures in the first nine months of 2017; 28% lower than the five-year moving average for foreclosures in Potter-Randall counties in the first nine months of a year.
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 September 30, 2018 is 4.24 months, but that doesn’t tell the full story. For homes priced under $250,000, the total months of inventory stands at 3.07 months. For homes priced between $250,000 and $750,000, the total months of inventory stands at 7.94 months. For homes priced over $750,000, the total months of inventory stands at 30.71 months.
2018 Amarillo Housing Market Activity YTD September 30, 2018
2,617 closed sales in 2018 compared with 2,501 closed sales in 2017, a 4.64% increase from one year ago.
Single-Family Home Prices
Average single-family home prices were up 2.58% to $194,315. Median single-family home prices were up .68% to $164,000.
There were 1,234 active single-family listings in the (MLS) as of September 30, 2018. This represents an increase of 67 listings from one year ago, an increase of 5.74%.
Considering increases in both YTD Sales Closed and the available single-family inventory, the number of months of available inventory stands at 4.24 months as compared to 4.20 months one year ago.
436 new single-family homes were permitted during the first nine months of 2018 compared with 369 in 2017, an increase of 18.16%. 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. The market is on pace for 550-575 permits in 2018.
Residential properties posted for foreclosure and actual foreclosures were basically flat in the first nine months of 2018. Postings were up 6 in the first nine months of 2018 to 393 postings, while actual foreclosures were flat at 181 foreclosures. YTD 2018 foreclosures were 28% below the five-year moving average.
Amarillo Association of Realtors’ Multiple Listing Service
Texas A&M Real Estate Center
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.