693 single family homes closed during the first quarter of 2019 as compared with 667 closed sales during 1Q 2018; an increase of 3.90%. Both November and December 2018 experienced strong pended contract activity, so the increase in 1st quarter closings is not a surprise. On the other hand, pended activity during the first quarter of 2019 has been slower compared to the beginning of 2018 and will likely translate into fewer closings in the second quarter compared to 2018.
Other market metrics are mostly positive relative to housing demand, including the average sales price that is basically flat at $184,768, down (0.17%). The median sales price increased 3.16% to $163,000.
The average days on market remained at 92 days, identical to a year ago. Likewise, the sales-price-to-list-price ratio dipped slightly to 97.17% from 97.28% a year ago.
The available inventory of homes for sale rose 11.30% to 1,143 active MLS listings as of March 31, 2019, up 116 homes for-sale from one year ago, but up only 14 listings from December 31, 2018. 72% of the increased listing inventory falls in the price ranges over $200,000.
Most buyers remain challenged by the lack of available MLS inventory which stands at 4.95 months of inventory as compared to Texas A&M’s Real Estate Center’s definition of a balanced market as being 6.5 months of available inventory. There is only 4.01 months of inventory for properties priced below $200,000, creating a competitive environment for well-conditioned and competitively-priced homes.
Other factors that affect the housing market were also positive. The local unemployment rate stood at 2.9% according to the February report from the Texas Workforce Commission, and that same report stated that 600 more people were employed than one year ago. Conventional 30-year mortgage loan interest rates are 4.50%, down one-eighth percent from where rates stood a year ago.
Foreclosure activity was mixed. Foreclosures in the first quarter of 2019 totaled 68, up 6 from 1 Qtr. 2018, a 10% increase. However, the 68 first quarter foreclosures were 11% fewer than the 5-year moving average of 76 foreclosures for a first quarter.
2019 Amarillo Housing Market Activity
693 closed sales in 1Q 2019 compared with 667 closed sales in 1Q 2018, a 3.90% increase from one year ago.
Single Family Home Prices
Average single-family home prices are down 0.17% to $184,768. Median single-family home prices are up 3.16% to $163,000.
There were 1,143 active single-family listings in the multiple listing service (MLS) as of March 31, 2019. This represents an increase of 116 listings from one year ago. There are 4.95 months of available listing inventory, up from 4.62 months of inventory one year ago, but still well below the Texas A&M Real Estate Center’s balanced market benchmark of 6.5 months.
113 new single-family homes were permitted during 1Q 2019 compared with 151 in 1Q 2018, a decrease of 25.17%.
68 foreclosures in 1Q 2019 compared to 62 foreclosures in 1Q 2018, an increase of 10%. The 5-year moving average for first quarter foreclosures is76.
3,250-3,450 Single Family Sales
$196,500 Average Sales Price and $166,500 Median Sales Price
1,050-1,150 Active Listings at year-end 2019
500-600 Single Family Building Permits
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.